Millstone Evans Group LLC Acquires New Holdings in Devon Energy Co. (NYSE:DVN)

Millstone Evans Group LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,959 shares of the energy company’s stock, valued at approximately $97,000.

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in Devon Energy in the 3rd quarter valued at approximately $8,002,000. Bridgewater Associates LP bought a new position in Devon Energy during the 3rd quarter worth approximately $9,426,000. Petrus Trust Company LTA raised its holdings in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. bought a new position in Devon Energy during the 4th quarter worth approximately $782,000. Finally, Fortem Financial Group LLC bought a new position in Devon Energy during the 3rd quarter worth approximately $583,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on DVN shares. Mizuho lowered their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Benchmark restated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Williams Trading set a $50.00 price target on shares of Devon Energy in a report on Wednesday, March 5th. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Price Performance

DVN opened at $36.18 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $23.48 billion, a price-to-earnings ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91. The firm’s fifty day moving average price is $35.46 and its two-hundred day moving average price is $37.02. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is presently 21.05%.

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.