Outfitter Financial LLC Takes $797,000 Position in Devon Energy Co. (NYSE:DVN)

Outfitter Financial LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 24,350 shares of the energy company’s stock, valued at approximately $797,000.

Other institutional investors also recently modified their holdings of the company. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new stake in Devon Energy in the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Devon Energy in the third quarter worth $230,928,000. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE DVN opened at $38.60 on Friday. The stock has a market cap of $25.35 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 1.17 and a beta of 1.98. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company’s 50 day moving average is $34.40 and its two-hundred day moving average is $38.40. 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 released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share 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 for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. Devon Energy’s dividend payout ratio is 19.30%.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Raymond James increased their price objective on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Piper Sandler boosted their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Barclays raised their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.83.

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.