Deane Retirement Strategies Inc. Takes Position in Devon Energy Co. (NYSE:DVN)

Deane Retirement Strategies Inc. acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 84,457 shares of the energy company’s stock, valued at approximately $3,826,000. Devon Energy comprises approximately 2.1% of Deane Retirement Strategies Inc.’s investment portfolio, making the stock its 12th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares during the period. Morgan Stanley lifted its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. boosted its position in Devon Energy by 5.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after buying an additional 411,777 shares during the period. Raymond James & Associates increased its position in shares of Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after acquiring an additional 402,055 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after buying an additional 99,059 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Raymond James cut their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. UBS Group cut their price target on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, December 14th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Finally, Piper Sandler cut their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $55.38.

Devon Energy Trading Up 1.0 %

Devon Energy stock traded up $0.50 during mid-day trading on Thursday, hitting $49.96. The stock had a trading volume of 3,425,549 shares, compared to its average volume of 8,052,461. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $56.19. The stock has a market capitalization of $31.72 billion, a PE ratio of 8.48 and a beta of 2.18. The stock has a 50-day simple moving average of $44.27 and a two-hundred day simple moving average of $45.43.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 EPS. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.83 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

About Devon Energy

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.