GAMMA Investing LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

GAMMA Investing LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,848 shares of the energy company’s stock, valued at approximately $330,000.

A number of other institutional investors have also recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy during the 3rd quarter worth $27,000. Sound Income Strategies LLC grew its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC grew its holdings in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares during the period. PFS Partners LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $36,000. Finally, Naples Money Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 0.9 %

Shares of NYSE:DVN opened at $52.09 on Thursday. The company’s 50-day moving average price is $48.51 and its two-hundred day moving average price is $46.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The stock has a market capitalization of $33.08 billion, a PE ratio of 8.93 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.66 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.22 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Stifel Nicolaus boosted their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Finally, Susquehanna upped their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday. 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 presently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

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.