American National Bank lifted its holdings in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 91.3% during the fourth quarter, HoldingsChannel reports. The firm owned 503 shares of the energy company’s stock after purchasing an additional 240 shares during the quarter. American National Bank’s holdings in Devon Energy were worth $31,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new stake in Devon Energy in the first quarter worth about $26,000. SJS Investment Consulting Inc. bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $29,000. Financial Enhancement Group LLC purchased a new position in Devon Energy in the third quarter valued at approximately $29,000. Optimum Investment Advisors bought a new position in Devon Energy during the third quarter valued at $30,000. Finally, Clearstead Advisors LLC increased its position in Devon Energy by 1,738.7% in the third quarter. Clearstead Advisors LLC now owns 570 shares of the energy company’s stock worth $34,000 after buying an additional 539 shares during the last quarter. 78.08% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages recently weighed in on DVN. StockNews.com initiated coverage on Devon Energy in a report on Thursday. They issued a “hold” rating for the company. Barclays lowered their price target on shares of Devon Energy from $82.00 to $67.00 in a research report on Friday. Sanford C. Bernstein reduced their price objective on shares of Devon Energy from $84.00 to $71.00 and set an “outperform” rating for the company in a research note on Thursday, February 16th. Evercore ISI dropped their target price on Devon Energy from $80.00 to $52.00 in a research report on Tuesday, March 14th. Finally, Truist Financial reduced their price target on Devon Energy from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 16th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.42.
Devon Energy Price Performance
Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.29 billion. Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 earnings per share. Equities analysts predict that Devon Energy Co. will post 6.96 earnings per share for the current fiscal year.
Devon Energy Increases Dividend
The firm also recently declared a None dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a $0.89 dividend. The ex-dividend date is Tuesday, March 14th. This is an increase from Devon Energy’s previous None dividend of $0.49. This represents a yield of 9.3%. Devon Energy’s payout ratio is currently 8.77%.
Insider Buying and Selling at Devon Energy
In related news, CEO Richard E. Muncrief bought 10,000 shares of the stock in a transaction dated Friday, February 17th. The stock was bought at an average price of $53.28 per share, with a total value of $532,800.00. Following the purchase, the chief executive officer now owns 1,973,977 shares in the company, valued at approximately $105,173,494.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John E. Bethancourt purchased 3,765 shares of the business’s stock in a transaction on Friday, February 17th. The shares were acquired at an average price of $53.06 per share, with a total value of $199,770.90. Following the acquisition, the director now directly owns 94,669 shares in the company, valued at $5,023,137.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard E. Muncrief acquired 10,000 shares of the stock in a transaction dated Friday, February 17th. The shares were purchased at an average cost of $53.28 per share, with a total value of $532,800.00. Following the completion of the purchase, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.
Devon Energy Company Profile
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
- Get a free copy of the StockNews.com research report on Devon Energy (DVN)
- MarketBeat Week in Review – 3/13 – 3/17
- This Small Tech With Big Growth Prospects Is Nearing A Buy Point
- Don’t Chase FedEx Higher, Wait For The Pullback
- 3 Stocks For A Defensive Tech Portfolio
- Milk the Dividends on These 3 Cash Cows
Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Co. (NYSE:DVN – Get Rating).
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.