Keene & Associates Inc. Buys 64,540 Shares of Devon Energy Co. (NYSE:DVN)

Keene & Associates Inc. raised its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 1,087.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,475 shares of the energy company's stock after acquiring an additional 64,540 shares during the period. Devon Energy comprises 2.7% of Keene & Associates Inc.'s holdings, making the stock its 15th biggest holding. Keene & Associates Inc.'s holdings in Devon Energy were worth $3,193,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Devon Energy by 6.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,825,364 shares of the energy company's stock valued at $82,689,000 after purchasing an additional 118,346 shares in the last quarter. Capital Advisors Inc. OK boosted its stake in shares of Devon Energy by 9.5% during the fourth quarter. Capital Advisors Inc. OK now owns 827,196 shares of the energy company's stock valued at $37,472,000 after purchasing an additional 71,717 shares in the last quarter. Altus Wealth Group LLC acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $327,000. Louisiana State Employees Retirement System acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $1,753,000. Finally, Lauer Wealth LLC acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $263,000. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wells Fargo & Company raised Devon Energy from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an "overweight" rating in a research note on Monday, April 8th. Barclays started coverage on Devon Energy in a research note on Wednesday. They issued an "equal weight" rating and a $59.00 price objective on the stock. Piper Sandler dropped their price target on Devon Energy from $61.00 to $59.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 24th. Finally, Truist Financial dropped their price target on Devon Energy from $69.00 to $66.00 and set a "buy" rating on the stock in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $57.83.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.48 during trading on Friday, reaching $53.42. 9,808,666 shares of the stock traded hands, compared to its average volume of 7,282,425. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a 50-day moving average of $46.84 and a 200-day moving average of $45.72. The stock has a market capitalization of $33.92 billion, a P/E ratio of 9.16 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter in the prior year, the firm earned $1.66 EPS. The business's revenue for the quarter was down 3.6% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.29%. Devon Energy's dividend payout ratio is currently 15.09%.

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.