Devon Energy Co. (NYSE:DVN) Position Increased by Bridgefront Capital LLC

Bridgefront Capital LLC increased its position in Devon Energy Co. (NYSE:DVN - Free Report) by 329.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,087 shares of the energy company's stock after buying an additional 37,649 shares during the period. Devon Energy comprises 0.5% of Bridgefront Capital LLC's portfolio, making the stock its 20th largest holding. Bridgefront Capital LLC's holdings in Devon Energy were worth $1,607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Hurley Capital LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy in the 4th quarter worth about $28,000. Cromwell Holdings LLC grew its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 5.6 %

Shares of Devon Energy stock traded up $1.69 during trading on Thursday, reaching $31.98. The company had a trading volume of 10,246,771 shares, compared to its average volume of 8,557,859. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 7.01, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $51.20. The firm's fifty day moving average is $32.58 and its 200-day moving average is $34.80.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy's revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 EPS. On average, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.00%. Devon Energy's payout ratio is currently 21.05%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DVN. Raymond James set a $40.00 price target on shares of Devon Energy in a research report on Monday, April 21st. StockNews.com lowered Devon Energy from a "hold" rating to a "sell" rating in a research report on Wednesday. Wells Fargo & Company lowered their price target on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada cut their price objective on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 14th. Finally, Piper Sandler decreased their target price on Devon Energy from $55.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.

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.