Summit Global Investments Invests $783,000 in Devon Energy Corporation $DVN

Summit Global Investments bought a new position in Devon Energy Corporation (NYSE:DVN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,331 shares of the energy company’s stock, valued at approximately $783,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. AQR Capital Management LLC increased its stake in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Devon Energy by 83.9% during the second quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after buying an additional 2,083,600 shares during the last quarter. Sourcerock Group LLC increased its position in shares of Devon Energy by 2,132.3% during the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after acquiring an additional 1,672,824 shares in the last quarter. Prudential Financial Inc. raised its holdings in Devon Energy by 93.4% in the 2nd quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock worth $47,916,000 after acquiring an additional 727,532 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Devon Energy by 44.6% in the 2nd quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock worth $52,107,000 after acquiring an additional 505,382 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on DVN. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $46.00 in a report on Friday, December 12th. Royal Bank Of Canada set a $42.00 price objective on Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. decreased their target price on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Piper Sandler lowered their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Finally, Argus upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.76.

Devon Energy Price Performance

NYSE DVN opened at $40.14 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $41.31. The stock has a market cap of $25.18 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 3.64 and a beta of 0.60. The company’s 50 day moving average is $36.99 and its two-hundred day moving average is $35.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The business had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the prior year, the business posted $1.10 EPS. As a group, research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. Devon Energy’s payout ratio is presently 22.59%.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.