MMA Asset Management LLC Purchases New Position in Devon Energy Co. (NYSE:DVN)

MMA Asset Management LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 7,772 shares of the energy company’s stock, valued at approximately $254,000.

Several other institutional investors have also modified their holdings of the stock. Smartleaf Asset Management LLC lifted its stake in shares of Devon Energy by 34.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,057 shares of the energy company’s stock valued at $130,000 after purchasing an additional 1,045 shares during the last quarter. Keynote Financial Services LLC increased its holdings in Devon Energy by 14.1% during the 4th quarter. Keynote Financial Services LLC now owns 6,763 shares of the energy company’s stock worth $221,000 after purchasing an additional 836 shares during the period. Connable Office Inc. increased its holdings in Devon Energy by 37.6% during the 4th quarter. Connable Office Inc. now owns 14,075 shares of the energy company’s stock worth $461,000 after purchasing an additional 3,848 shares during the period. Jacobi Capital Management LLC increased its holdings in Devon Energy by 12.3% during the 4th quarter. Jacobi Capital Management LLC now owns 8,121 shares of the energy company’s stock worth $266,000 after purchasing an additional 887 shares during the period. Finally, Metis Global Partners LLC increased its holdings in Devon Energy by 6.6% during the 4th quarter. Metis Global Partners LLC now owns 28,969 shares of the energy company’s stock worth $948,000 after purchasing an additional 1,790 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.24 on Friday. The stock has a market cap of $23.52 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. The business has a 50-day simple moving average of $34.94 and a 200-day simple moving average of $38.05. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DVN. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Truist Financial raised their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Cowen cut Devon Energy to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.87.

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.