Sapient Capital LLC Has $1.01 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Sapient Capital LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 5.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,185 shares of the energy company’s stock after purchasing an additional 985 shares during the quarter. Sapient Capital LLC’s holdings in Devon Energy were worth $1,013,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Lord Abbett & CO. LLC grew its holdings in Devon Energy by 15.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after acquiring an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its holdings in Devon Energy by 2.7% during the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after acquiring an additional 9,823 shares during the last quarter. Atria Investments Inc grew its holdings in Devon Energy by 64.4% during the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after acquiring an additional 21,400 shares during the last quarter. Pearl River Capital LLC grew its holdings in Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after acquiring an additional 58,997 shares during the last quarter. Finally, Argent Trust Co grew its holdings in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after acquiring an additional 15,715 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 3.6 %

Devon Energy stock traded down $1.90 during midday trading on Tuesday, hitting $51.18. 7,266,168 shares of the stock were exchanged, compared to its average volume of 7,816,298. The company has a fifty day simple moving average of $49.07 and a two-hundred day simple moving average of $46.22. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The stock has a market capitalization of $32.50 billion, a PE ratio of 8.78 and a beta of 2.19. 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) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate 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 company posted $1.66 EPS. Equities research analysts anticipate that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.44%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Piper Sandler raised their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Citigroup raised their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

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.