Ethic Inc. Buys 20,175 Shares of Devon Energy Co. (NYSE:DVN)

Ethic Inc. boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 59.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,118 shares of the energy company’s stock after purchasing an additional 20,175 shares during the quarter. Ethic Inc.’s holdings in Devon Energy were worth $1,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hurley Capital LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy in the 4th quarter worth $28,000. Cromwell Holdings LLC lifted its position in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in Devon Energy during the fourth quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $52,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 3.1%

NYSE DVN opened at $33.52 on Tuesday. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $50.44. The company has a market capitalization of $21.57 billion, a price-to-earnings ratio of 7.35, a PEG ratio of 1.20 and a beta of 1.00. The stock’s 50 day moving average is $32.55 and its two-hundred day moving average is $34.65. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the firm earned $1.16 EPS. Devon Energy’s quarterly revenue was up 23.8% compared to the same quarter last year. Equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.86%. Devon Energy’s dividend payout ratio is presently 21.87%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DVN. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Cowen lowered Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Raymond James set a $40.00 price objective on shares of Devon Energy in a research note on Monday, April 21st. Barclays upped their target price on shares of Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Susquehanna reduced their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.96.

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.