GAMMA Investing LLC Grows Stock Position in Devon Energy Co. (NYSE:DVN)

GAMMA Investing LLC increased its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 6,068.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 726,607 shares of the energy company's stock after acquiring an additional 714,827 shares during the quarter. GAMMA Investing LLC owned about 0.11% of Devon Energy worth $27,175,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy during the fourth quarter worth $28,000. Cromwell Holdings LLC grew its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $43,000. Finally, Thompson Investment Management Inc. raised its holdings in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock worth $52,000 after acquiring an additional 600 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 $0.86 during mid-day trading on Friday, hitting $32.28. 5,812,547 shares of the stock were exchanged, compared to its average volume of 8,666,034. The stock's fifty day simple moving average is $31.20 and its two-hundred day simple moving average is $33.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The stock has a market capitalization of $20.73 billion, a price-to-earnings ratio of 7.08, a P/E/G ratio of 1.20 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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). The firm had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy's quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 EPS. On average, analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

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

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. Raymond James set a $40.00 price objective on shares of Devon Energy in a research report on Monday, April 21st. The Goldman Sachs Group raised their price target on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Truist Financial upped their price objective on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Citigroup cut their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Finally, Piper Sandler decreased their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.71.

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.