Arkfeld Wealth Strategies L.L.C. Has $2 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Arkfeld Wealth Strategies L.L.C. raised its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 32.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,388 shares of the energy company's stock after acquiring an additional 12,987 shares during the quarter. Devon Energy comprises approximately 0.8% of Arkfeld Wealth Strategies L.L.C.'s holdings, making the stock its 25th largest position. Arkfeld Wealth Strategies L.L.C.'s holdings in Devon Energy were worth $1,997,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Devon Energy in the fourth quarter worth $154,170,000. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after buying an additional 3,114,656 shares during the period. Marshall Wace LLP grew its stake in Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock valued at $175,810,000 after buying an additional 3,090,585 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after acquiring an additional 2,335,473 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of DVN traded up $0.86 on Friday, hitting $32.28. The company's stock had a trading volume of 5,812,547 shares, compared to its average volume of 8,684,350. The company has a market capitalization of $20.73 billion, a PE ratio of 7.08, a PEG ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The company has a 50 day moving average price of $31.09 and a 200 day moving average price of $33.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the company posted $1.16 EPS. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

Analysts Set New Price Targets

DVN has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Cowen downgraded Devon Energy to a "hold" rating and decreased their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Finally, Raymond James set a $40.00 target price on shares of Devon Energy in a research note on Monday, April 21st. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target 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.