Everhart Financial Group Inc. Acquires Shares of 13,406 Devon Energy Co. (NYSE:DVN)

Everhart Financial Group Inc. acquired a new stake in Devon Energy Co. (NYSE:DVN) in the first quarter, Holdings Channel reports. The institutional investor acquired 13,406 shares of the energy company’s stock, valued at approximately $501,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after purchasing an additional 3,114,656 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after purchasing an additional 232,469 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DVN. Mizuho cut their target price on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Raymond James set a $40.00 target price on shares of Devon Energy in a research note on Monday, April 21st. Barclays boosted their target price on shares of Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Finally, Truist Financial boosted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Stock Up 2.2%

DVN stock opened at $35.09 on Friday. The firm has a market cap of $22.53 billion, a PE ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm’s 50 day moving average price is $31.38 and its 200-day moving average price is $33.65. Devon Energy Co. has a one year low of $25.89 and a one year high of $49.35.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 EPS. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is presently 21.87%.

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.