23,156 Shares in Devon Energy Co. (NYSE:DVN) Acquired by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE purchased a new position in Devon Energy Co. (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 23,156 shares of the energy company's stock, valued at approximately $866,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. purchased a new stake in Devon Energy in the fourth quarter worth $5,967,000. New York State Teachers Retirement System lifted its stake in Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock worth $24,101,000 after acquiring an additional 31,520 shares during the period. Merit Financial Group LLC lifted its stake in Devon Energy by 209.5% in the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after acquiring an additional 15,351 shares during the period. Aviva PLC lifted its stake in Devon Energy by 767.3% in the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after acquiring an additional 333,530 shares during the period. Finally, Ninepoint Partners LP lifted its position in Devon Energy by 12.5% during the fourth quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company's stock valued at $14,728,000 after buying an additional 50,000 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.76 during trading hours on Friday, reaching $35.09. 12,695,009 shares of the company traded hands, compared to its average volume of 8,721,436. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $22.53 billion, a P/E ratio of 7.70, a P/E/G ratio of 1.20 and a beta of 1.02. The firm has a 50-day moving average price of $31.22 and a 200 day moving average price of $33.67.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.74%. Devon Energy's payout ratio is currently 21.87%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Truist Financial raised 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. Scotiabank reduced their price target on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Royal Bank of Canada reduced their price target on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Barclays raised their price target on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their price target on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.71.

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.