Bridgewater Associates LP Acquires 59,830 Shares of Devon Energy Co. (NYSE:DVN)

Bridgewater Associates LP raised its holdings in Devon Energy Co. (NYSE:DVN) by 24.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 300,789 shares of the energy company’s stock after purchasing an additional 59,830 shares during the quarter. Bridgewater Associates LP’s holdings in Devon Energy were worth $9,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. Piper Sandler upped their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Royal Bank of Canada dropped their price objective on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Citigroup reduced their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $46.71.

Devon Energy Stock Performance

Devon Energy stock opened at $29.28 on Thursday. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $53.20. The firm’s fifty day moving average price is $34.09 and its 200-day moving average price is $35.96. The stock has a market cap of $19.00 billion, a P/E ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $4.25 billion. On average, equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 3.28%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Devon Energy Company 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.