Fox Run Management L.L.C. Buys New Shares in Devon Energy Co. (NYSE:DVN)

Fox Run Management L.L.C. bought a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 77,133 shares of the energy company’s stock, valued at approximately $2,525,000. Devon Energy accounts for about 0.5% of Fox Run Management L.L.C.’s investment portfolio, making the stock its 5th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. True Wealth Design LLC lifted its position in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares in the last quarter. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in Devon Energy during the fourth quarter valued at $43,000. Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy during the fourth quarter worth about $52,000. Finally, Thompson Investment Management Inc. grew its position in shares of Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after acquiring an additional 600 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.1 %

DVN opened at $36.18 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm’s fifty day moving average price is $35.46 and its two-hundred day moving average price is $37.06. The company has a market capitalization of $23.48 billion, a P/E ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

Several research firms have commented on DVN. Raymond James lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Piper Sandler raised their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Barclays raised their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Finally, Williams Trading set a $50.00 price objective on shares of Devon Energy in a research report on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

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.