Cromwell Holdings LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

Cromwell Holdings LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 98.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,208 shares of the energy company’s stock after buying an additional 598 shares during the period. Cromwell Holdings LLC’s holdings in Devon Energy were worth $40,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of 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 stake in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Devon Energy by 16.9% in the third 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 in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DVN. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Raymond James upped their target price 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. Finally, Citigroup dropped their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Trading Up 2.7 %

Shares of DVN opened at $38.60 on Friday. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market cap of $25.35 billion, a P/E ratio of 8.46, a P/E/G ratio of 1.09 and a beta of 1.98. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $34.40 and its 200-day simple moving average is $38.40.

Devon Energy (NYSE:DVN) last announced its 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 net margin of 18.14% and a return on equity of 23.17%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.49%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 19.30%.

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.