Royal Fund Management LLC Acquires 3,331 Shares of Devon Energy Co. (NYSE:DVN)

Royal Fund Management LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 11.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,046 shares of the energy company’s stock after purchasing an additional 3,331 shares during the period. Royal Fund Management LLC’s holdings in Devon Energy were worth $1,452,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after buying an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the third quarter worth approximately $113,793,000. Morgan Stanley increased its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in shares of Devon Energy by 61.0% during the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock worth $127,539,000 after buying an additional 1,013,353 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.4 %

Shares of DVN traded up $0.20 on Friday, hitting $50.54. The company’s stock had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The firm’s fifty day moving average price is $49.62 and its 200-day moving average price is $46.31. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 earnings per share. On average, equities research analysts expect that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Truist Financial dropped their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Raymond James lowered their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Finally, StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Devon Energy Profile

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.