Naples Money Management LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Naples Money Management LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 875 shares of the energy company’s stock, valued at approximately $40,000.

Other hedge funds also recently made changes to their positions in the company. Wahed Invest LLC grew its holdings in shares of Devon Energy by 2.1% during the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after acquiring an additional 218 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of Devon Energy by 9.0% during the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after acquiring an additional 222 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after acquiring an additional 239 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.8 %

Shares of DVN opened at $51.85 on Friday. The company has a 50-day simple moving average of $47.89 and a 200-day simple moving average of $45.90. The firm has a market capitalization of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results 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 net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the business posted $1.66 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Mizuho decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Stifel Nicolaus decreased their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.94.

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.