Salem Investment Counselors Inc. Has $47,000 Position in Devon Energy Co. (NYSE:DVN)

Salem Investment Counselors Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 46.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,257 shares of the energy company’s stock after acquiring an additional 400 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Devon Energy were worth $47,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Vanguard Group Inc. grew its stake in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its position in Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after acquiring an additional 3,114,656 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Mizuho reduced their target price on Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Truist Financial lifted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. decreased their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.71.

Devon Energy Trading Up 2.2%

NYSE:DVN opened at $35.09 on Friday. 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 $49.35. The firm has a market capitalization of $22.53 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02. The business’s 50-day moving average price is $31.38 and its two-hundred day moving average price is $33.62.

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

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

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.