NEOS Investment Management LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

NEOS Investment Management LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 30.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,889 shares of the energy company’s stock after buying an additional 8,707 shares during the period. NEOS Investment Management LLC’s holdings in Devon Energy were worth $1,207,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at $8,002,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. purchased a new stake in Devon Energy during the 4th quarter worth about $782,000. Fortem Financial Group LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth about $583,000. Finally, Centiva Capital LP increased its stake in Devon Energy by 108.4% in the third quarter. Centiva Capital LP now owns 57,361 shares of the energy company’s stock valued at $2,244,000 after purchasing an additional 29,837 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.79 on Friday. The stock has a fifty day moving average price of $35.38 and a 200 day moving average price of $36.87. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The stock has a market cap of $23.87 billion, a PE ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $4.25 billion. Sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. 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. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. Devon Energy’s dividend payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DVN shares. Williams Trading set a $50.00 price objective on Devon Energy in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Mizuho cut their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Barclays raised their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.29.

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.