Naples Money Management LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Naples Money Management LLC acquired a new position in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 875 shares of the energy company’s stock, valued at approximately $40,000.

Other large investors have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC bought a new position in shares of Devon Energy during the 2nd quarter valued at approximately $25,000. Canada Pension Plan Investment Board bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy during the 3rd quarter valued at approximately $27,000. Finally, Sound Income Strategies LLC increased its position in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DVN. UBS Group boosted their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective on the stock. Wells Fargo & Company raised 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 report on Monday, April 1st. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Truist Financial cut their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $57.94.

Devon Energy Trading Up 0.8 %

Shares of NYSE DVN opened at $51.85 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock has a market capitalization of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The business has a fifty day moving average price of $47.89 and a 200 day moving average price of $45.90.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.66 earnings per share. Equities research analysts expect that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.39%. Devon Energy’s dividend payout ratio is currently 15.09%.

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.