Pallas Capital Advisors LLC Takes $750,000 Position in Devon Energy Co. (NYSE:DVN)

Pallas Capital Advisors LLC acquired a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 20,065 shares of the energy company's stock, valued at approximately $750,000.

A number of other hedge funds also recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in shares of Devon Energy by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 19,866 shares of the energy company's stock valued at $746,000 after buying an additional 2,250 shares during the last quarter. Foundation Resource Management Inc. lifted its position in shares of Devon Energy by 12.0% in the first quarter. Foundation Resource Management Inc. now owns 98,286 shares of the energy company's stock valued at $3,676,000 after buying an additional 10,547 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $212,000. Park Avenue Securities LLC lifted its position in shares of Devon Energy by 45.4% in the first quarter. Park Avenue Securities LLC now owns 14,604 shares of the energy company's stock valued at $546,000 after buying an additional 4,562 shares during the last quarter. Finally, KMG Fiduciary Partners LLC lifted its position in shares of Devon Energy by 9.1% in the first quarter. KMG Fiduciary Partners LLC now owns 103,657 shares of the energy company's stock valued at $3,877,000 after buying an additional 8,671 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DVN. Benchmark reiterated a "buy" rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Morgan Stanley increased their target price on Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Cowen lowered Devon Energy to a "hold" rating and lowered their target price for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Truist Financial increased their target price on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lowered their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.71.

Devon Energy Price Performance

Shares of DVN traded up $0.76 during midday trading on Friday, hitting $35.09. The company's stock had a trading volume of 12,695,009 shares, compared to its average volume of 8,721,440. Devon Energy Co. has a one year low of $25.89 and a one year high of $49.35. The company's fifty day simple moving average is $31.38 and its two-hundred day simple moving average is $33.65. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $22.53 billion, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02.

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

Devon Energy Dividend Announcement

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

Devon Energy 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.