Devon Energy Co. (NYSE:DVN) Shares Bought by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,240 shares of the energy company’s stock after purchasing an additional 3,981 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Devon Energy were worth $499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter valued at approximately $39,000. True Wealth Design LLC raised its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its position in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its holdings in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $38.42 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market cap of $25.24 billion, a price-to-earnings ratio of 7.13, a PEG ratio of 1.14 and a beta of 2.00. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a 50 day moving average price of $35.50 and a 200 day moving average price of $40.40.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts predict that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Piper Sandler cut their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Scotiabank reduced their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Wells Fargo & Company reduced their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.27.

About Devon Energy

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.