HITE Hedge Asset Management LLC Has $42.45 Million Holdings in Devon Energy Corporation $DVN

Key Points

• HITE Hedge Asset Management LLC reduced its stake in Devon Energy by 27.9% during the first quarter, resulting in ownership of approximately 1,135,146 shares.
• Analysts have raised their target prices for Devon Energy, with Goldman Sachs increasing their target from $38.00 to $43.00, indicating a positive outlook.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, translating to an annualized yield of 2.8%, with a payout ratio of 21.52%.

HITE Hedge Asset Management LLC trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 27.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,135,146 shares of the energy company's stock after selling 438,991 shares during the quarter. Devon Energy accounts for approximately 2.6% of HITE Hedge Asset Management LLC's portfolio, making the stock its 12th largest holding. HITE Hedge Asset Management LLC owned about 0.18% of Devon Energy worth $42,454,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Rakuten Securities Inc. raised its holdings in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the period. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $28,000. Finally, SouthState Corp raised its holdings in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN traded up $0.0560 during midday trading on Thursday, hitting $33.8360. 5,310,943 shares of the stock traded hands, compared to its average volume of 7,667,695. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.04. The firm has a market capitalization of $21.48 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The business's 50 day moving average price is $33.26 and its two-hundred day moving average price is $33.13.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. BMO Capital Markets raised their target price on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Bernstein Bank dropped their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Finally, Jefferies Financial Group raised their target price on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Fifteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Company 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.