Federated Hermes Inc. Buys 129,207 Shares of Devon Energy Co. (NYSE:DVN)

Federated Hermes Inc. grew its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 186.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 198,608 shares of the energy company's stock after purchasing an additional 129,207 shares during the quarter. Federated Hermes Inc.'s holdings in Devon Energy were worth $8,997,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy during the third quarter worth about $27,000. Sound Income Strategies LLC lifted its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC lifted its stake in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock worth $33,000 after acquiring an additional 669 shares in the last quarter. PFS Partners LLC acquired a new position in shares of Devon Energy in the fourth quarter worth about $36,000. Finally, Versant Capital Management Inc lifted its stake in shares of Devon Energy by 224.1% in the fourth quarter. Versant Capital Management Inc now owns 1,034 shares of the energy company's stock worth $47,000 after acquiring an additional 715 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.52 during trading on Thursday, hitting $52.62. 6,389,762 shares of the company traded hands, compared to its average volume of 7,897,299. The stock has a market capitalization of $33.41 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. The business's fifty day moving average is $48.70 and its 200-day moving average is $46.13. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. 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 earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 earnings per share. As a group, equities analysts predict that Devon Energy Co. will post 5.22 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.35%. Devon Energy's dividend payout ratio is presently 15.09%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DVN. Scotiabank boosted their price target on Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a research note on Thursday, April 11th. Truist Financial boosted their price target on Devon Energy from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Monday. Citigroup boosted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 11th. Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Finally, Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $58.33.

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.