Smithbridge Asset Management Inc. DE Makes New $866,000 Investment in Devon Energy Co. (NYSE:DVN)

Smithbridge Asset Management Inc. DE bought a new stake in shares of Devon Energy Co. (NYSE:DVN) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 23,156 shares of the energy company’s stock, valued at approximately $866,000.

Several other hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp increased its stake in shares of Devon Energy by 28.5% in the first quarter. Fifth Third Bancorp now owns 35,510 shares of the energy company’s stock worth $1,328,000 after buying an additional 7,873 shares during the period. Focus Financial Network Inc. purchased a new stake in shares of Devon Energy in the 1st quarter worth about $207,000. Martin Capital Partners LLC grew its position in Devon Energy by 21.3% during the 1st quarter. Martin Capital Partners LLC now owns 21,379 shares of the energy company’s stock valued at $800,000 after purchasing an additional 3,754 shares during the last quarter. Bard Financial Services Inc. boosted its holdings in shares of Devon Energy by 39.2% during the 1st quarter. Bard Financial Services Inc. now owns 28,750 shares of the energy company’s stock valued at $1,075,000 after acquiring an additional 8,100 shares during the last quarter. Finally, CX Institutional lifted its stake in shares of Devon Energy by 123.7% in the 1st quarter. CX Institutional now owns 12,692 shares of the energy company’s stock worth $475,000 after purchasing an additional 7,018 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 0.5%

NYSE DVN opened at $34.31 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a fifty day moving average of $31.22 and a two-hundred day moving average of $33.67. The firm has a market capitalization of $22.03 billion, a price-to-earnings ratio of 7.52, a PEG ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 earnings per share. On average, analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.80%. Devon Energy’s payout ratio is currently 21.87%.

Analyst Ratings Changes

A number of equities research analysts have commented on DVN shares. Cowen cut shares of Devon Energy to a “hold” rating and decreased their target price for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Benchmark restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Piper Sandler decreased their target price on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Mizuho decreased their target price on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Finally, Raymond James set a $40.00 target price on shares of Devon Energy in a research note on Monday, April 21st. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.71.

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.