Outfitter Financial LLC Purchases New Stake in Devon Energy Co. (NYSE:DVN)

Outfitter Financial LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 24,350 shares of the energy company’s stock, valued at approximately $797,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $35,000. Cromwell Holdings LLC increased its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at $43,000. True Wealth Design LLC lifted its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. grew its stake in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent research reports. Susquehanna upped their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday. Piper Sandler upped their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday. Benchmark restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday. Finally, Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Stock Performance

Devon Energy stock opened at $38.60 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market cap of $25.35 billion, a P/E ratio of 8.46, a P/E/G ratio of 1.17 and a beta of 1.98. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The firm has a 50-day moving average of $34.40 and a 200-day moving average of $38.40.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is presently 19.30%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.