Smead Capital Management Inc. Raises Holdings in Devon Energy Co. (NYSE:DVN)

Smead Capital Management Inc. raised its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 16.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,811,292 shares of the energy company's stock after purchasing an additional 546,433 shares during the period. Devon Energy comprises 3.1% of Smead Capital Management Inc.'s holdings, making the stock its 16th largest position. Smead Capital Management Inc. owned about 0.59% of Devon Energy worth $172,652,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. AlphaCrest Capital Management LLC acquired a new position in Devon Energy during the first quarter worth $364,000. Acadian Asset Management LLC acquired a new position in Devon Energy during the first quarter worth $188,000. Blair William & Co. IL raised its position in Devon Energy by 52.1% in the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company's stock valued at $5,861,000 after purchasing an additional 33,936 shares during the period. Sei Investments Co. raised its position in Devon Energy by 9.2% in the first quarter. Sei Investments Co. now owns 414,354 shares of the energy company's stock valued at $24,500,000 after purchasing an additional 34,870 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Devon Energy in the first quarter valued at $26,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial reduced their target price on Devon Energy from $69.00 to $66.00 and set a "buy" rating on the stock in a research report on Friday, April 5th. Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 24th. Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, January 11th. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a report on Monday, April 8th. Finally, Wells Fargo & Company upgraded Devon Energy from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.89.

Devon Energy Stock Down 0.5 %

Shares of NYSE:DVN traded down $0.24 on Thursday, hitting $51.43. 5,167,779 shares of the company's stock were exchanged, compared to its average volume of 8,043,624. The firm's 50-day moving average is $47.51 and its 200 day moving average is $45.82. The company has a market capitalization of $32.66 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business's revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.66 EPS. Sell-side analysts predict that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

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.