Devon Energy Co. (NYSE:DVN) Shares Acquired by Smead Capital Management Inc.

Smead Capital Management Inc. raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 16.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,811,292 shares of the energy company’s stock after acquiring an additional 546,433 shares during the period. Devon Energy makes up about 3.1% of Smead Capital Management Inc.’s portfolio, making the stock its 16th biggest position. Smead Capital Management Inc. owned about 0.59% of Devon Energy worth $172,652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the 2nd quarter valued at approximately $25,000. Canada Pension Plan Investment Board acquired a new stake in Devon Energy during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy during the 3rd quarter valued at approximately $27,000. Finally, Sound Income Strategies LLC increased its holdings in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

DVN traded down $0.20 on Thursday, hitting $51.47. 2,538,565 shares of the company’s stock were exchanged, compared to its average volume of 8,007,617. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $47.51 and a 200-day moving average price of $45.82. The stock has a market cap of $32.68 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 EPS. As a group, equities analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.42%. Devon Energy’s payout ratio is 15.09%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler cut their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Stifel Nicolaus cut their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Mizuho cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Finally, UBS Group boosted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

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.