Sugarloaf Wealth Management LLC Boosts Position in Devon Energy Co. (NYSE:DVN)

Sugarloaf Wealth Management LLC boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 159.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,717 shares of the energy company’s stock after purchasing an additional 9,648 shares during the period. Sugarloaf Wealth Management LLC’s holdings in Devon Energy were worth $514,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC bought a new position in Devon Energy in the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Devon Energy during the 3rd quarter worth $230,928,000. International Assets Investment Management LLC boosted its holdings in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Raymond James decreased their price objective on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Susquehanna cut their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Price Performance

NYSE DVN traded up $0.95 during trading hours on Friday, reaching $36.10. The company’s stock had a trading volume of 9,122,171 shares, compared to its average volume of 10,397,098. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The company’s 50-day moving average is $35.67 and its two-hundred day moving average is $40.73. The firm has a market capitalization of $23.71 billion, a price-to-earnings ratio of 6.70, a P/E/G ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.65 EPS. On average, equities analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.44%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

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.