114,000 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Inspire Trust Co. N.A.

Inspire Trust Co. N.A. bought a new stake in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 114,000 shares of the energy company’s stock, valued at approximately $3,731,000.

Several other hedge funds also recently modified their holdings of DVN. White Knight Strategic Wealth Advisors LLC boosted its stake in Devon Energy by 79.4% in the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 39,104 shares of the energy company’s stock valued at $1,280,000 after acquiring an additional 17,312 shares during the last quarter. USS Investment Management Ltd lifted its stake in shares of Devon Energy by 173.7% in the 4th quarter. USS Investment Management Ltd now owns 177,086 shares of the energy company’s stock valued at $5,799,000 after purchasing an additional 112,386 shares during the period. William B. Walkup & Associates Inc. boosted its position in shares of Devon Energy by 3.7% in the 4th quarter. William B. Walkup & Associates Inc. now owns 22,979 shares of the energy company’s stock worth $752,000 after purchasing an additional 830 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Devon Energy during the fourth quarter worth $1,906,000. Finally, iSAM Funds UK Ltd bought a new stake in Devon Energy in the fourth quarter valued at about $1,006,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on DVN shares. The Goldman Sachs Group raised their target price on Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. JPMorgan Chase & Co. lowered their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Mizuho cut their target price on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, Susquehanna decreased 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. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.83.

Devon Energy Stock Down 2.0%

Shares of DVN stock opened at $31.54 on Thursday. The firm’s fifty day moving average price is $32.37 and its two-hundred day moving average price is $34.44. 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 Co. has a 1 year low of $25.89 and a 1 year high of $49.39. The firm has a market capitalization of $20.25 billion, a P/E ratio of 6.92, a PEG ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 posted $1.16 EPS. Devon Energy’s revenue was up 23.8% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

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.