Bank of Stockton Raises Stake in Devon Energy Co. (NYSE:DVN)

Bank of Stockton boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 51.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 7,748 shares of the energy company’s stock after purchasing an additional 2,630 shares during the period. Bank of Stockton’s holdings in Devon Energy were worth $254,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of DVN. Creative Planning lifted its stake in shares of Devon Energy by 33.6% in the 3rd quarter. Creative Planning now owns 132,206 shares of the energy company’s stock worth $5,172,000 after acquiring an additional 33,249 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Devon Energy by 4.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 35,711 shares of the energy company’s stock worth $1,397,000 after acquiring an additional 1,564 shares during the period. Leo Wealth LLC acquired a new stake in shares of Devon Energy in the 3rd quarter worth $202,000. Private Advisor Group LLC lifted its stake in shares of Devon Energy by 15.1% in the 3rd quarter. Private Advisor Group LLC now owns 96,216 shares of the energy company’s stock worth $3,764,000 after acquiring an additional 12,607 shares during the period. Finally, Courier Capital LLC lifted its stake in shares of Devon Energy by 6.6% in the 3rd quarter. Courier Capital LLC now owns 17,305 shares of the energy company’s stock worth $677,000 after acquiring an additional 1,079 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Truist Financial raised their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Price Performance

DVN opened at $38.60 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a 50 day moving average of $34.40 and a two-hundred day moving average of $38.40. The company has a market cap of $25.35 billion, a P/E ratio of 8.46, a P/E/G ratio of 1.17 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. On average, analysts expect that Devon Energy Co. will post 4.85 earnings per share 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 given a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is presently 19.30%.

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.