Twin Capital Management Inc. Makes New Investment in Devon Energy Co. (NYSE:DVN)

Twin Capital Management Inc. acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 20,028 shares of the energy company’s stock, valued at approximately $907,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Coppell Advisory Solutions LLC purchased a new position in Devon Energy during the 2nd quarter worth approximately $25,000. Canada Pension Plan Investment Board purchased a new position in Devon Energy during the 1st quarter worth approximately $26,000. KB Financial Partners LLC purchased a new position in Devon Energy during the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the 3rd quarter worth approximately $27,000. Finally, Sound Income Strategies LLC grew its position in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $51.43 on Friday. 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 firm has a market capitalization of $32.66 billion, a price-to-earnings ratio of 8.82 and a beta of 2.19. The company’s fifty day moving average is $47.69 and its two-hundred day moving average is $45.86. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. Equities research analysts forecast that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.42%. Devon Energy’s dividend payout ratio is 15.09%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DVN. Stifel Nicolaus decreased their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James decreased their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Piper Sandler reduced their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Finally, Morgan Stanley increased their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

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.