Sfmg LLC Boosts Position in Devon Energy Co. (NYSE:DVN)

Sfmg LLC grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 34.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,776 shares of the energy company’s stock after buying an additional 16,653 shares during the period. Sfmg LLC’s holdings in Devon Energy were worth $2,934,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Coppell Advisory Solutions LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $25,000. Canada Pension Plan Investment Board bought a new stake in Devon Energy during the first quarter valued at $26,000. KB Financial Partners LLC purchased a new position in Devon Energy during the first quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter worth about $27,000. Finally, Sound Income Strategies LLC increased its stake in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DVN has been the subject of several recent analyst reports. Truist Financial cut their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a report on Friday, April 5th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Devon Energy Trading Down 0.9 %

Shares of Devon Energy stock traded down $0.50 during trading on Wednesday, reaching $52.18. 6,991,359 shares of the stock were exchanged, compared to its average volume of 7,013,805. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $56.19. The firm has a market cap of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average is $47.30 and its 200 day moving average is $45.78.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the business posted $1.66 EPS. The business’s revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts expect that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.