Horizon Advisory Services Inc. Boosts Stake in Devon Energy Co. (NYSE:DVN)

Horizon Advisory Services Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 42.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,599 shares of the energy company’s stock after buying an additional 2,279 shares during the quarter. Horizon Advisory Services Inc.’s holdings in Devon Energy were worth $249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter worth about $230,928,000. Pacer Advisors Inc. lifted its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after purchasing an additional 1,296,590 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DVN. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Finally, Cowen cut Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Trading Down 0.6 %

Shares of NYSE DVN opened at $37.27 on Tuesday. The stock’s 50 day moving average price is $34.57 and its two-hundred day moving average price is $38.26. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market capitalization of $24.18 billion, a P/E ratio of 8.17, a PEG ratio of 1.20 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. Devon Energy’s dividend payout ratio is 21.05%.

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.