271,111 Shares in Devon Energy Corporation $DVN Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 271,111 shares of the energy company’s stock, valued at approximately $9,931,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DVN. AQR Capital Management LLC grew its position in Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in Devon Energy by 83.9% during the second quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock worth $145,311,000 after buying an additional 2,083,600 shares during the period. Sourcerock Group LLC increased its position in shares of Devon Energy by 2,132.3% during the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after acquiring an additional 1,672,824 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Devon Energy by 446.7% during the fourth quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock valued at $45,286,000 after acquiring an additional 1,010,170 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Devon Energy by 704.3% in the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock valued at $34,187,000 after acquiring an additional 853,875 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on DVN shares. Johnson Rice dropped their target price on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Raymond James Financial lifted their price objective on Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, February 11th. TD Cowen increased their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday, March 17th. Piper Sandler lifted their target price on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Finally, Truist Financial began coverage on shares of Devon Energy in a research note on Tuesday, March 24th. They set a “buy” rating and a $63.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.32.

Devon Energy Stock Performance

Shares of DVN stock opened at $52.05 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $43.90 and a 200 day moving average price of $38.21. The company has a market cap of $32.27 billion, a P/E ratio of 12.48, a PEG ratio of 1.19 and a beta of 0.56. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $52.46.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.Devon Energy’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $1.10 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. Devon Energy’s dividend payout ratio is presently 23.02%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.