KLP Kapitalforvaltning AS Invests $6.95 Million in Devon Energy Co. (NYSE:DVN)

KLP Kapitalforvaltning AS purchased a new stake in Devon Energy Co. (NYSE:DVN) in the 4th quarter, HoldingsChannel reports. The fund purchased 212,400 shares of the energy company’s stock, valued at approximately $6,952,000.

A number of other large investors have also modified their holdings of the stock. Cromwell Holdings LLC boosted its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC acquired a new stake in Devon Energy during the 4th quarter valued at $43,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Endeavor Private Wealth Inc. purchased a new stake in Devon Energy during the 4th quarter worth $52,000. Finally, Thompson Investment Management Inc. lifted its holdings in Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Raymond James lowered their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Barclays upped their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Piper Sandler upped their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $48.46.

Devon Energy Stock Performance

DVN opened at $36.97 on Tuesday. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a market capitalization of $24.00 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The business has a 50 day moving average price of $35.46 and a two-hundred day moving average price of $36.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

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.