Devon Energy Co. (NYSE:DVN) Stake Lifted by Smead Capital Management Inc.

Smead Capital Management Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 16.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,811,292 shares of the energy company’s stock after buying an additional 546,433 shares during the quarter. Devon Energy comprises approximately 3.1% of Smead Capital Management Inc.’s holdings, making the stock its 16th largest position. Smead Capital Management Inc.’s holdings in Devon Energy were worth $172,652,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Devon Energy by 6.2% in 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 in the last quarter. Morgan Stanley grew its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 5.1% in the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after purchasing an additional 411,777 shares in the last quarter. Raymond James & Associates grew its stake in shares of Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after purchasing an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp grew 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 worth $435,881,000 after purchasing an additional 99,059 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 0.4 %

Devon Energy stock traded down $0.20 during mid-day trading on Thursday, hitting $51.47. The company’s stock had a trading volume of 2,538,565 shares, compared to its average volume of 8,007,617. The firm’s 50 day moving average is $47.51 and its 200 day moving average is $45.82. The company has a market cap of $32.68 billion, a PE ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.66 EPS. On average, analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DVN. Morgan Stanley increased their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday. Mizuho decreased their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. UBS Group raised their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Truist Financial decreased their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

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.