Wedge Capital Management L L P NC Makes New $9.93 Million Investment in Devon Energy Corporation $DVN

Wedge Capital Management L L P NC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 4th quarter, Holdings Channel reports. The fund acquired 271,111 shares of the energy company’s stock, valued at approximately $9,931,000.

Other large investors have also modified their holdings of the company. Caldwell Trust Co purchased a new position in shares of Devon Energy during the second quarter worth about $25,000. PFS Partners LLC acquired a new position in Devon Energy during the third quarter worth approximately $25,000. First Horizon Corp purchased a new stake in Devon Energy in the third quarter valued at approximately $26,000. Accredited Wealth Management LLC lifted its stake in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares during the last quarter. Finally, Ameriflex Group Inc. boosted its holdings in shares of Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $52.05 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The business has a 50 day simple moving average of $43.90 and a 200-day simple moving average of $38.21. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $52.46. The stock has a market capitalization of $32.27 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.56.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the firm posted $1.10 EPS. Equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DVN. Scotiabank lowered their target price on shares of Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday, February 23rd. Barclays upped their price target on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Truist Financial began coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 price objective on the stock. Piper Sandler lifted their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.32.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.