Fortem Financial Group LLC Grows Holdings in Devon Energy Co. (NYSE:DVN)

Fortem Financial Group LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 17.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,576 shares of the energy company’s stock after buying an additional 2,672 shares during the period. Fortem Financial Group LLC’s holdings in Devon Energy were worth $575,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in Devon Energy during the 3rd quarter worth approximately $230,928,000. International Assets Investment Management LLC grew its position in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock traded down $0.22 during mid-day trading on Monday, hitting $33.71. The company’s stock had a trading volume of 8,716,405 shares, compared to its average volume of 9,093,036. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The stock’s fifty day moving average price is $35.97 and its two-hundred day moving average price is $40.97. The stock has a market capitalization of $22.14 billion, a P/E ratio of 6.25, a P/E/G ratio of 1.10 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.65 earnings per share. Research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. Devon Energy’s dividend payout ratio is currently 16.33%.

Analyst Ratings Changes

Several brokerages recently issued reports on DVN. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Finally, Piper Sandler decreased their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

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.