Investment firm Cerity Partners LLC has significantly increased its holdings in Devon Energy Corporation (NYSE:DVN) by 35.6% during the second quarter of 2023. According to a report from HoldingsChannel.com, Cerity Partners now owns 338,016 shares of the energy giant, following the acquisition of an additional 88,755 shares. The value of these holdings stands at approximately $10,752,000 as per the firm’s latest filing with the Securities and Exchange Commission.
Other institutional investors have also been active in managing their positions in Devon Energy. For instance, SVB Wealth LLC raised its stake by 4.1% during the first quarter, now owning 8,131 shares valued at $304,000. Similarly, Yousif Capital Management LLC increased its holdings by 0.4%, bringing its total to 87,272 shares, worth $2,776,000, after acquiring an additional 321 shares.
In addition to these firms, MAS Advisors LLC and Callan Family Office LLC also expanded their positions in Devon Energy, reflecting a trend as hedge funds and institutional investors collectively own approximately 69.72% of the company’s stock.
Devon Energy Stock Performance and Dividend Announcement
On Thursday, Devon Energy’s shares opened at $38.39, marking a 2.7% increase in value. The company’s financial metrics reveal a quick ratio of 0.87, a current ratio of 0.96, and a debt-to-equity ratio of 0.48. With a market capitalization of $24.08 billion, the company has a price-to-earnings ratio of 9.03 and a beta of 0.62. Over the past twelve months, Devon Energy’s stock has fluctuated between a low of $25.89 and a high of $38.88, with its 50-day simple moving average at $34.52 and a two-hundred day average of $33.97.
In terms of shareholder returns, Devon Energy recently declared a quarterly dividend of $0.24, payable on December 30, 2023. Shareholders on record as of December 15, 2023 will receive this dividend, which translates to an annualized dividend of $0.96 and a yield of 2.5%. The company’s dividend payout ratio is currently at 22.59%.
Analysts Address Devon Energy’s Future
Recent analysis from several financial research firms indicates a positive outlook for Devon Energy. On October 6, 2023, Evercore ISI raised its target price for the stock from $34.00 to $37.00, maintaining an “in-line” rating. Other firms, including William Blair, which began coverage on August 25, gave Devon an “outperform” rating.
Furthermore, Roth Capital initiated coverage on October 13, issuing a “buy” rating with a target price of $42.00. Conversely, Morgan Stanley revised its target price down from $49.00 to $47.00, while Mizuho lowered its target from $43.00 to $40.00.
Overall, the consensus among analysts reflects a strong interest in Devon Energy, with two assigning a Strong Buy rating, nineteen granting a Buy rating, eight indicating Hold, and one issuing a Sell rating. According to MarketBeat, the average target price for the stock currently stands at $44.55, suggesting continued investor confidence in the company’s market position.
Founded in 1971 and headquartered in Oklahoma City, Oklahoma, Devon Energy Corporation is an independent energy company involved in the exploration, development, and production of oil, natural gas, and natural gas liquids across various regions, including the Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins.
