CIBC Asset Management Inc Has $3.71 Million Holdings in Devon Energy Co. (NYSE:DVN)

CIBC Asset Management Inc increased its position in shares of Devon Energy Co. (NYSE:DVN) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,245 shares of the energy company’s stock after acquiring an additional 6,063 shares during the quarter. CIBC Asset Management Inc’s holdings in Devon Energy were worth $3,707,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the third quarter valued at approximately $35,000. True Wealth Design LLC increased its stake in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. Activest Wealth Management increased its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. Finally, Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Susquehanna upped their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday. Piper Sandler upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Barclays boosted their target price 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $38.60 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a fifty day moving average price of $34.40 and a two-hundred day moving average price of $38.40. The company has a market cap of $25.35 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Analysts expect that Devon Energy Co. will post 4.85 EPS for the current 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. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. Devon Energy’s dividend payout ratio is currently 19.30%.

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.