Ritholtz Wealth Management Grows Position in Devon Energy Co. (NYSE:DVN)

Ritholtz Wealth Management raised its position in shares of Devon Energy Co. (NYSE:DVN) by 96.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,980 shares of the energy company’s stock after buying an additional 28,046 shares during the quarter. Ritholtz Wealth Management’s holdings in Devon Energy were worth $2,131,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DVN. Hurley Capital LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $28,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of Devon Energy by 46.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company’s stock worth $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Sierra Ocean LLC bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 1.4%

Shares of NYSE:DVN opened at $34.61 on Tuesday. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The business’s fifty day simple moving average is $31.54 and its 200-day simple moving average is $33.57. The company has a market capitalization of $22.22 billion, a PE ratio of 7.59, a P/E/G ratio of 1.20 and a beta of 1.02. 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 announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter last year, the firm earned $1.16 earnings per share. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.77%. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on DVN shares. The Goldman Sachs Group raised their price target on Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Piper Sandler decreased their price target on Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Bank of America decreased their price target on Devon Energy from $52.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Morgan Stanley lifted their target price on Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, May 23rd. Finally, Wall Street Zen raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

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.