Mengis Capital Management Inc. Has $233,000 Holdings in Devon Energy Co. (NYSE:DVN)

Mengis Capital Management Inc. cut its holdings in Devon Energy Co. (NYSE:DVN) by 28.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,133 shares of the energy company’s stock after selling 2,867 shares during the period. Mengis Capital Management Inc.’s holdings in Devon Energy were worth $233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the third quarter worth $230,928,000. Pacer Advisors Inc. increased its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.6 %

Shares of NYSE DVN opened at $37.27 on Tuesday. The company has a 50 day simple moving average of $34.57 and a 200 day simple moving average of $38.26. The firm has a market cap of $24.18 billion, a PE ratio of 8.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (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 business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued 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 is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.58%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Piper Sandler lifted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday. Raymond James lifted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.