Bard Financial Services Inc. Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Bard Financial Services Inc. lifted its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 39.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,750 shares of the energy company's stock after buying an additional 8,100 shares during the period. Bard Financial Services Inc.'s holdings in Devon Energy were worth $1,075,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Resona Asset Management Co. Ltd. bought a new stake in shares of Devon Energy in the fourth quarter valued at $5,967,000. New York State Teachers Retirement System grew its position in Devon Energy by 4.5% during 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 buying an additional 31,520 shares in the last quarter. Merit Financial Group LLC boosted its holdings in shares of Devon Energy by 209.5% in the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after purchasing an additional 15,351 shares in the last quarter. Aviva PLC boosted its holdings in shares of Devon Energy by 767.3% in the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after purchasing an additional 333,530 shares in the last quarter. Finally, Ninepoint Partners LP lifted its stake in shares of Devon Energy by 12.5% in the 4th quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company's stock valued at $14,728,000 after acquiring an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research reports. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Morgan Stanley raised their price target on Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Benchmark reaffirmed a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. UBS Group dropped their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Finally, Truist Financial boosted their price target on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $43.71.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.76 on Friday, reaching $35.09. 12,695,009 shares of the stock were exchanged, compared to its average volume of 8,729,117. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $49.35. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average price of $31.38 and a two-hundred day moving average price of $33.62. The firm has a market capitalization of $22.53 billion, a PE ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results 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 return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. The business's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period last year, the company earned $1.16 earnings per share. As a group, 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 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 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is currently 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.