Aigen Investment Management LP Makes New Investment in Devon Energy Co. (NYSE:DVN)

Aigen Investment Management LP bought a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,430 shares of the energy company’s stock, valued at approximately $291,000.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the third quarter worth approximately $27,000. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Sound Income Strategies LLC lifted its stake in shares of Devon Energy by 60.7% in 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 during the period. Rise Advisors LLC grew its stake in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. Finally, PFS Partners LLC bought a new stake in Devon Energy in the fourth quarter valued at about $36,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DVN shares. Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Scotiabank lifted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Piper Sandler boosted their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Truist Financial lowered their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, Mizuho lifted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $48.15 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The business has a 50-day moving average of $50.87 and a 200-day moving average of $46.54. The stock has a market capitalization of $30.43 billion, a price-to-earnings ratio of 9.19 and a beta of 2.15. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the company posted $1.46 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Co. will post 5.21 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.83%. Devon Energy’s dividend payout ratio is 16.79%.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.63% of the company’s stock.

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.