Smead Capital Management Inc. Has $51.85 Million Stake in Devon Energy Corporation $DVN

Smead Capital Management Inc. trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 38.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,478,887 shares of the energy company’s stock after selling 921,799 shares during the period. Devon Energy accounts for about 1.0% of Smead Capital Management Inc.’s investment portfolio, making the stock its 29th biggest holding. Smead Capital Management Inc.’s holdings in Devon Energy were worth $51,850,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Woodline Partners LP lifted its stake in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after purchasing an additional 57,555 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Devon Energy during the second quarter worth $403,000. Private Trust Co. NA increased its holdings in Devon Energy by 35.0% in the second quarter. Private Trust Co. NA now owns 2,310 shares of the energy company’s stock valued at $73,000 after purchasing an additional 599 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Devon Energy in the second quarter valued at about $34,000. Finally, Denali Advisors LLC bought a new position in Devon Energy during the second quarter worth about $272,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

DVN stock opened at $44.30 on Friday. The stock has a 50-day moving average price of $38.92 and a two-hundred day moving average price of $36.12. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $46.15. The stock has a market cap of $27.46 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 4.12 and a beta of 0.61. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Devon Energy’s dividend payout ratio is 23.02%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Capital One Financial lowered their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Scotiabank increased their target price on shares of Devon Energy from $41.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 3rd. Mizuho set a $51.00 price target on shares of Devon Energy in a research report on Tuesday, February 3rd. Finally, Piper Sandler lowered their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.31.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.