Cutter & CO Brokerage Inc. Takes $221,000 Position in Devon Energy Co. (NYSE:DVN)

Cutter & CO Brokerage Inc. bought a new position in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 6,758 shares of the energy company’s stock, valued at approximately $221,000.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the third quarter valued at about $461,857,000. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new position in Devon Energy during the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. grew its position in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Cowen cut shares of Devon Energy to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Truist Financial raised their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Finally, Susquehanna raised their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Trading Down 1.5 %

Shares of DVN opened at $35.36 on Thursday. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The stock has a market cap of $22.95 billion, a PE ratio of 7.75, a P/E/G ratio of 1.20 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $34.73 and its 200-day moving average price is $38.18.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.72%. Devon Energy’s dividend payout ratio (DPR) is currently 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.