Lewis Asset Management LLC Invests $359,000 in Devon Energy Co. (NYSE:DVN)

Lewis Asset Management LLC bought a new position in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,915 shares of the energy company’s stock, valued at approximately $359,000.

Several other institutional investors have also made changes to their positions in the company. Lord Abbett & CO. LLC lifted its stake in shares of Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after buying an additional 73,570 shares during the last quarter. Nordea Investment Management AB increased its position 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 worth $17,974,000 after acquiring an additional 9,823 shares during the period. Atria Investments Inc increased its position in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after acquiring an additional 21,400 shares during the period. Point72 Europe London LLP bought a new position in Devon Energy during the second quarter worth $15,068,000. Finally, Pearl River Capital LLC increased its position 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 worth $3,580,000 after acquiring an additional 58,997 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Devon Energy stock opened at $52.54 on Friday. 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 Co. has a 1 year low of $40.47 and a 1 year high of $56.19. The company has a market cap of $33.36 billion, a PE ratio of 9.01 and a beta of 2.19. The company’s 50-day moving average is $45.46 and its two-hundred day moving average is $45.50.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the company posted $1.66 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.74 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid 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 3.35%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. UBS Group dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, December 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Stifel Nicolaus reduced their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Piper Sandler reduced their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Finally, Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $55.88.

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.