Gagnon Securities LLC Raises Position in Devon Energy Co. (NYSE:DVN)

Gagnon Securities LLC grew its position in Devon Energy Co. (NYSE:DVN) by 40.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 30,583 shares of the energy company’s stock after buying an additional 8,824 shares during the period. Gagnon Securities LLC’s holdings in Devon Energy were worth $1,001,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Caprock Group LLC raised its holdings in Devon Energy by 28.7% in the fourth quarter. Caprock Group LLC now owns 65,094 shares of the energy company’s stock worth $2,131,000 after buying an additional 14,509 shares during the last quarter. Lewis Asset Management LLC grew its stake in shares of Devon Energy by 12.9% in the fourth quarter. Lewis Asset Management LLC now owns 15,050 shares of the energy company’s stock worth $493,000 after acquiring an additional 1,723 shares during the period. OLD National Bancorp IN grew its stake in shares of Devon Energy by 37.2% in the fourth quarter. OLD National Bancorp IN now owns 12,743 shares of the energy company’s stock worth $417,000 after acquiring an additional 3,455 shares during the period. Murphy Pohlad Asset Management LLC grew its stake in shares of Devon Energy by 0.5% in the fourth quarter. Murphy Pohlad Asset Management LLC now owns 94,972 shares of the energy company’s stock worth $3,108,000 after acquiring an additional 450 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Devon Energy in the fourth quarter worth approximately $1,336,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DVN. Scotiabank reduced their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Truist Financial reduced their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Raymond James lifted their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday, January 14th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Price Performance

DVN stock opened at $34.09 on Friday. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The company’s fifty day moving average price is $34.89 and its 200-day moving average price is $39.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market capitalization of $22.39 billion, a PE ratio of 6.32, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

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.