Saxon Interests Inc. Acquires Shares of 20,613 Devon Energy Co. (NYSE:DVN)

Saxon Interests Inc. acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 20,613 shares of the energy company’s stock, valued at approximately $934,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Devon Energy by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley grew its holdings in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 5.1% in the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after acquiring an additional 411,777 shares during the period. Raymond James & Associates grew its holdings in shares of Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after acquiring an additional 402,055 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after acquiring an additional 99,059 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler cut their price target on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $57.00 to $58.00 in a research note on Wednesday, December 6th. Stifel Nicolaus dropped their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Finally, Mizuho lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.72 during trading on Friday, reaching $50.18. 9,259,379 shares of the company’s stock traded hands, compared to its average volume of 7,929,797. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a 50-day simple moving average of $44.45 and a 200-day simple moving average of $45.47. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. The firm has a market cap of $31.86 billion, a PE ratio of 8.61 and a beta of 2.18.

Devon Energy (NYSE:DVN) last announced 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. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.66 earnings per share. As a group, analysts predict that Devon Energy Co. will post 4.83 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend 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.