Lewis Asset Management LLC Acquires 5,330 Shares of Devon Energy Co. (NYSE:DVN)

Lewis Asset Management LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 66.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,327 shares of the energy company’s stock after buying an additional 5,330 shares during the period. Lewis Asset Management LLC’s holdings in Devon Energy were worth $521,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of DVN. GSA Capital Partners LLP raised its position in shares of Devon Energy by 89.4% in the first quarter. GSA Capital Partners LLP now owns 18,351 shares of the energy company’s stock valued at $921,000 after purchasing an additional 8,661 shares during the period. Manchester Capital Management LLC boosted its stake in Devon Energy by 40.9% during the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock valued at $43,000 after purchasing an additional 250 shares during the period. Empirical Finance LLC boosted its stake in Devon Energy by 2.9% during the 1st quarter. Empirical Finance LLC now owns 29,903 shares of the energy company’s stock valued at $1,501,000 after purchasing an additional 848 shares during the period. Cove Street Capital LLC grew its holdings in Devon Energy by 103.1% in the 1st quarter. Cove Street Capital LLC now owns 55,516 shares of the energy company’s stock valued at $2,786,000 after buying an additional 28,182 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Devon Energy in the 1st quarter worth approximately $27,418,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 2.8 %

Shares of DVN opened at $38.89 on Friday. The stock has a fifty day moving average price of $40.60 and a two-hundred day moving average price of $44.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market cap of $24.35 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts predict that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.26%. Devon Energy’s dividend payout ratio (DPR) is currently 15.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $49.00 to $43.00 in a research note on Thursday. Wells Fargo & Company decreased their price target on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday. Piper Sandler cut their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

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.