Titleist Asset Management LLC Boosts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Titleist Asset Management LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,911 shares of the energy company’s stock after purchasing an additional 643 shares during the quarter. Titleist Asset Management LLC’s holdings in Devon Energy were worth $521,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Benjamin Edwards Inc. grew its holdings in Devon Energy by 2,431.2% during the third quarter. Benjamin Edwards Inc. now owns 15,744 shares of the energy company’s stock worth $616,000 after acquiring an additional 15,122 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of Devon Energy by 29.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 30,881 shares of the energy company’s stock worth $1,208,000 after purchasing an additional 7,087 shares during the period. Morse Asset Management Inc purchased a new position in shares of Devon Energy in the 3rd quarter valued at about $126,000. Royal London Asset Management Ltd. increased its holdings in shares of Devon Energy by 3.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 258,822 shares of the energy company’s stock valued at $10,125,000 after purchasing an additional 8,328 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Devon Energy in the third quarter valued at about $325,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on DVN shares. Mizuho lowered their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Cowen cut Devon Energy to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Piper Sandler upped their target price on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.17.

Devon Energy Stock Performance

Devon Energy stock opened at $29.30 on Monday. The stock has a fifty day moving average price of $35.22 and a 200 day moving average price of $36.67. Devon Energy Co. has a 52 week low of $28.01 and a 52 week high of $55.09. The firm has a market capitalization of $19.01 billion, a P/E ratio of 6.42, a PEG ratio of 1.20 and a beta of 1.50. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.