RMB Capital Management LLC Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

RMB Capital Management LLC increased its holdings in Devon Energy Co. (NYSE:DVN) by 0.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 346,631 shares of the energy company’s stock after purchasing an additional 2,481 shares during the quarter. RMB Capital Management LLC’s holdings in Devon Energy were worth $15,702,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Manchester Capital Management LLC purchased a new stake in Devon Energy in the 4th quarter valued at approximately $28,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC boosted its stake in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. Finally, PFS Partners LLC purchased a new position in Devon Energy in the 4th quarter valued at about $36,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on DVN shares. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Royal Bank of Canada increased their price target on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Piper Sandler lifted their price objective on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. increased their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, Barclays assumed coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.83.

Devon Energy Stock Up 0.3 %

Shares of NYSE DVN traded up $0.12 on Tuesday, hitting $47.24. The company had a trading volume of 2,512,517 shares, compared to its average volume of 7,430,014. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The firm has a market capitalization of $29.86 billion, a P/E ratio of 9.00 and a beta of 2.08. The business has a 50 day moving average of $50.59 and a two-hundred day moving average of $46.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. As a group, equities research analysts forecast that Devon Energy Co. will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.86%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

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.