Sagespring Wealth Partners LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Sagespring Wealth Partners LLC purchased a new position in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,753 shares of the energy company’s stock, valued at approximately $352,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Raymond James Financial Inc. purchased a new stake in Devon Energy in the 4th quarter valued at about $154,170,000. Invesco Ltd. grew its stake in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after acquiring an additional 2,335,473 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after acquiring an additional 1,296,590 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on DVN shares. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Friday, January 3rd. Citigroup decreased their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Piper Sandler raised their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Barclays upped their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, UBS Group reduced their price objective on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $46.71.

Devon Energy Stock Performance

Shares of DVN stock opened at $28.51 on Wednesday. The business has a fifty day moving average of $34.17 and a 200 day moving average of $36.00. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $53.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market capitalization of $18.50 billion, a price-to-earnings ratio of 6.25, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.37%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is presently 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.