Devon Energy Co. (NYSE:DVN) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,245 shares of the energy company’s stock after acquiring an additional 6,063 shares during the period. CIBC Asset Management Inc’s holdings in Devon Energy were worth $3,707,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the 3rd quarter worth $461,857,000. EnCap Partners GP LLC bought a new position in shares of Devon Energy in the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Devon Energy in the 3rd quarter worth about $230,928,000. International Assets Investment Management LLC lifted 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 buying an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its position 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 worth $453,446,000 after buying 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 Stock Up 2.7 %

NYSE DVN opened at $38.60 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company’s 50 day simple moving average is $34.40 and its 200 day simple moving average is $38.40. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a market capitalization of $25.35 billion, a P/E ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is presently 19.30%.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday. TD Cowen reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Finally, Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy 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.