Wedmont Private Capital Takes $288,000 Position in Devon Energy Co. (NYSE:DVN)

Wedmont Private Capital purchased a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,705 shares of the energy company's stock, valued at approximately $288,000.

A number of other institutional investors have also recently made changes to their positions in DVN. Vanguard Group Inc. lifted its position in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after buying an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 2.3% in the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company's stock valued at $333,971,000 after buying an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on DVN shares. UBS Group reduced their price objective on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Wells Fargo & Company upped their target price on Devon Energy from $44.00 to $46.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Truist Financial raised their price objective on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Finally, Mizuho dropped their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report 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 data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $43.71.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.76 during trading on Friday, hitting $35.09. The stock had a trading volume of 12,695,009 shares, compared to its average volume of 8,721,440. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35. The business's 50-day moving average is $31.38 and its 200 day moving average is $33.65. The firm has a market cap of $22.53 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 1.20 and a beta of 1.02. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last posted its 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 firm 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 company posted $1.16 earnings per share. The business's revenue for the quarter was up 23.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

About Devon Energy

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.