Gilman Hill Asset Management LLC Grows Position in Devon Energy Co. (NYSE:DVN)

Gilman Hill Asset Management LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 58.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 235,712 shares of the energy company's stock after acquiring an additional 87,210 shares during the quarter. Devon Energy makes up 1.5% of Gilman Hill Asset Management LLC's portfolio, making the stock its 16th biggest position. Gilman Hill Asset Management LLC's holdings in Devon Energy were worth $8,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the company. Secure Asset Management LLC purchased a new stake in shares of Devon Energy in the first quarter valued at $201,000. Chronos Wealth Management LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $237,000. Brave Asset Management Inc. boosted its position in Devon Energy by 29.4% in the first quarter. Brave Asset Management Inc. now owns 13,200 shares of the energy company's stock valued at $494,000 after buying an additional 3,000 shares in the last quarter. Kwmg LLC increased its stake in shares of Devon Energy by 5.9% in the first quarter. Kwmg LLC now owns 134,055 shares of the energy company's stock valued at $5,014,000 after buying an additional 7,436 shares in the last quarter. Finally, RFG Advisory LLC acquired a new position in Devon Energy during the 1st quarter worth $2,686,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research reports. Piper Sandler lowered their target price on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Mizuho lowered their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. JPMorgan Chase & Co. dropped their price target on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Cowen lowered Devon Energy to a "hold" rating and cut their price target for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Susquehanna lowered their target price on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.71.

Devon Energy Stock Performance

Shares of DVN traded up $0.86 during mid-day trading on Friday, reaching $32.28. The company had a trading volume of 5,812,547 shares, compared to its average volume of 8,666,036. The stock has a 50 day moving average of $31.20 and a two-hundred day moving average of $33.85. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $49.35. The stock has a market capitalization of $20.73 billion, a P/E ratio of 7.08, 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 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 company had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The firm's revenue was up 23.8% on a year-over-year basis. On average, analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.97%. Devon Energy's dividend payout ratio is presently 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.