World Investment Advisors LLC Buys 145,216 Shares of Devon Energy Co. (NYSE:DVN)

World Investment Advisors LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 3,440.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 149,437 shares of the energy company’s stock after acquiring an additional 145,216 shares during the quarter. World Investment Advisors LLC’s holdings in Devon Energy were worth $5,846,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. William B. Walkup & Associates Inc. bought a new stake in Devon Energy in the 2nd quarter worth approximately $1,026,000. Legacy Investment Solutions LLC bought a new stake in shares of Devon Energy in the third quarter worth $8,002,000. Bridgewater Associates LP purchased a new stake in Devon Energy during the third quarter valued at $9,426,000. Petrus Trust Company LTA lifted its holdings in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $34.14 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market cap of $22.43 billion, a price-to-earnings ratio of 6.33, a P/E/G ratio of 1.10 and a beta of 1.99. The firm has a fifty day moving average price of $38.92 and a 200 day moving average price of $42.72. Devon Energy Co. has a fifty-two week low of $33.88 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Analyst Ratings Changes

Several equities research analysts have recently commented on DVN shares. Barclays reduced their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Piper Sandler increased their price target on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Wells Fargo & Company reduced their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.75.

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.