Private Wealth Partners LLC Acquires 3,350 Shares of Devon Energy Co. (NYSE:DVN)

Private Wealth Partners LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 62.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,672 shares of the energy company’s stock after acquiring an additional 3,350 shares during the quarter. Private Wealth Partners LLC’s holdings in Devon Energy were worth $393,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC grew its holdings in Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after purchasing an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its holdings in Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc grew its holdings in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after purchasing an additional 21,400 shares during the last quarter. Pearl River Capital LLC grew its holdings in Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares during the last quarter. Finally, Argent Trust Co grew its holdings in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE DVN traded up $0.10 during trading hours on Friday, reaching $52.71. 4,618,432 shares of the company’s stock were exchanged, compared to its average volume of 6,726,952. The firm has a fifty day moving average of $48.88 and a 200-day moving average of $46.18. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The stock has a market cap of $33.47 billion, a PE ratio of 9.04 and a beta of 2.19. 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 (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the business earned $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. Devon Energy’s dividend payout ratio is 15.09%.

Analyst Upgrades and Downgrades

DVN has been the topic of several analyst reports. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Truist Financial raised their price objective on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Finally, Susquehanna raised their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy 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.