Devon Energy Co. (NYSE:DVN) Shares Bought by abrdn plc

abrdn plc grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 97.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 312,685 shares of the energy company’s stock after acquiring an additional 154,351 shares during the quarter. abrdn plc’s holdings in Devon Energy were worth $14,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy during the 3rd quarter valued at about $27,000. Sound Income Strategies LLC increased its position in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Rise Advisors LLC increased its position in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. PFS Partners LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $36,000. Finally, Naples Money Management LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on DVN shares. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Citigroup increased their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Mizuho dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Finally, Raymond James dropped their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Performance

Shares of DVN opened at $52.62 on Friday. The business’s fifty day moving average price is $48.70 and its 200 day moving average price is $46.13. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market capitalization of $33.41 billion, a PE ratio of 9.02 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 (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. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business posted $1.66 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.22 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Devon Energy Company 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.