Twin Capital Management Inc. Takes Position in Devon Energy Co. (NYSE:DVN)

Twin Capital Management Inc. purchased a new position in Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,028 shares of the energy company's stock, valued at approximately $907,000.

Several other institutional investors have also added to or reduced their stakes in DVN. Lord Abbett & CO. LLC lifted its holdings in shares of Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company's stock worth $26,221,000 after purchasing an additional 73,570 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company's stock worth $17,974,000 after purchasing an additional 9,823 shares during the period. Atria Investments Inc lifted its holdings in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company's stock worth $2,606,000 after purchasing an additional 21,400 shares during the period. Pearl River Capital LLC lifted its holdings in shares of Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company's stock worth $3,580,000 after purchasing an additional 58,997 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Devon Energy by 224.8% during the third quarter. SG Americas Securities LLC now owns 151,305 shares of the energy company's stock worth $7,217,000 after purchasing an additional 104,716 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.42 on Friday, reaching $51.85. The company's stock had a trading volume of 5,072,134 shares, compared to its average volume of 8,005,058. The company has a market capitalization of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a 50-day moving average price of $47.89 and a 200-day moving average price of $45.90. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $3.88 billion. During the same period in the previous year, the business earned $1.66 earnings per share. The business's revenue was down 3.6% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy's payout ratio is 15.09%.

Analyst Ratings Changes

A number of equities research analysts recently commented on DVN shares. Stifel Nicolaus decreased their target price on Devon Energy from $75.00 to $65.00 and set a "buy" rating for the company in a report on Friday, March 22nd. Truist Financial reduced their price target on Devon Energy from $69.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, April 5th. UBS Group lifted their price target on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. Morgan Stanley lifted their price target on Devon Energy from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $57.94.

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.