abrdn plc Grows Stake in Devon Energy Co. (NYSE:DVN)

abrdn plc grew its position in shares of Devon Energy Co. (NYSE:DVN) by 97.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,685 shares of the energy company’s stock after purchasing an additional 154,351 shares during the period. abrdn plc’s holdings in Devon Energy were worth $14,165,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. J.W. Cole Advisors Inc. grew its position in shares of Devon Energy by 5.3% during the 4th quarter. J.W. Cole Advisors Inc. now owns 89,742 shares of the energy company’s stock valued at $4,065,000 after purchasing an additional 4,492 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Devon Energy during the 4th quarter valued at $197,000. Naples Money Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $40,000. Resonant Capital Advisors LLC lifted its holdings in shares of Devon Energy by 43.7% during the 4th quarter. Resonant Capital Advisors LLC now owns 42,861 shares of the energy company’s stock worth $1,942,000 after acquiring an additional 13,024 shares during the last quarter. Finally, Fidelis Capital Partners LLC lifted its holdings in shares of Devon Energy by 11.1% during the 4th quarter. Fidelis Capital Partners LLC now owns 32,742 shares of the energy company’s stock worth $1,483,000 after acquiring an additional 3,277 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN stock opened at $52.62 on Friday. The firm’s 50-day moving average price is $48.70 and its two-hundred day moving average price is $46.13. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market capitalization of $33.41 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the company earned $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Co. will post 5.22 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on DVN shares. Piper Sandler lifted their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Citigroup lifted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. UBS Group lifted their price objective 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. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.33.

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.