Forte Capital LLC ADV Has $2.94 Million Position in Devon Energy Corporation (NYSE:DVN)

Forte Capital LLC ADV boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 203.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,575 shares of the energy company's stock after buying an additional 52,661 shares during the period. Forte Capital LLC ADV's holdings in Devon Energy were worth $2,939,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. acquired a new stake in Devon Energy in the fourth quarter worth $5,967,000. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in shares of Devon Energy by 10.8% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the period. Merit Financial Group LLC increased its holdings in shares of Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after purchasing an additional 15,351 shares during the period. Aviva PLC increased its holdings in shares of Devon Energy by 767.3% during the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after purchasing an additional 333,530 shares during the period. Finally, Autumn Glory Partners LLC increased its holdings in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after purchasing an additional 20,000 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.2%

NYSE DVN traded up $0.06 during trading on Friday, reaching $32.84. 7,129,453 shares of the company's stock were exchanged, compared to its average volume of 8,887,272. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $49.08. The firm has a market capitalization of $21.09 billion, a PE ratio of 7.48, a P/E/G ratio of 2.37 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The company's fifty day simple moving average is $32.82 and its 200-day simple moving average is $33.54.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm's quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.92%. Devon Energy's dividend payout ratio is 21.87%.

Analyst Ratings Changes

DVN has been the topic of a number of research analyst reports. Bernstein Bank lowered their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Piper Sandler reaffirmed an "overweight" rating and set a $58.00 target price (up from $53.00) on shares of Devon Energy in a report on Thursday. BMO Capital Markets lifted their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday. The Goldman Sachs Group lifted their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Tudor, Pickering, Holt & Co. lifted their target price on Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.67.

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.