Gilman Hill Asset Management LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Gilman Hill Asset Management LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 148,502 shares of the energy company’s stock, valued at approximately $4,860,000.

A number of other hedge funds have also recently added to or reduced their stakes in DVN. Envestnet Asset Management Inc. raised its holdings in shares of Devon Energy by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after acquiring an additional 1,591 shares during the period. Edgestream Partners L.P. bought a new position in Devon Energy during the 2nd quarter worth $342,000. Mercer Global Advisors Inc. ADV grew its position in Devon Energy by 2.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 104,754 shares of the energy company’s stock worth $4,958,000 after buying an additional 2,384 shares in the last quarter. Blair William & Co. IL increased its holdings in Devon Energy by 2.0% in the 2nd quarter. Blair William & Co. IL now owns 120,419 shares of the energy company’s stock valued at $5,708,000 after buying an additional 2,365 shares during the period. Finally, Intech Investment Management LLC raised its holdings in shares of Devon Energy by 449.1% during the 2nd quarter. Intech Investment Management LLC now owns 22,398 shares of the energy company’s stock worth $1,062,000 after buying an additional 18,319 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DVN shares. Truist Financial lowered their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Evercore ISI decreased their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Trading Down 1.2 %

NYSE:DVN opened at $37.98 on Monday. The company’s 50 day moving average is $35.48 and its 200-day moving average is $40.21. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market cap of $24.95 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Equities analysts anticipate that Devon Energy Co. will post 4.72 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

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.