Twin Capital Management Inc. Takes $907,000 Position in Devon Energy Co. (NYSE:DVN)

Twin Capital Management Inc. acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 20,028 shares of the energy company’s stock, valued at approximately $907,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new position in Devon Energy during the second quarter worth approximately $25,000. Canada Pension Plan Investment Board purchased a new position in Devon Energy during the first quarter worth approximately $26,000. KB Financial Partners LLC purchased a new position in Devon Energy during the first quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter worth approximately $27,000. Finally, Sound Income Strategies LLC boosted its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Morgan Stanley increased their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. Piper Sandler reduced their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Scotiabank increased their target price on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Finally, Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Devon Energy Price Performance

NYSE:DVN opened at $51.43 on Friday. The stock has a market cap of $32.66 billion, a PE ratio of 8.82 and a beta of 2.19. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a 50 day moving average price of $47.69 and a 200 day moving average price of $45.86.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 earnings per share. Equities research analysts expect that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

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

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.