Larson Financial Group LLC Trims Position in Devon Energy Co. (NYSE:DVN)

Larson Financial Group LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 11.0% during the fourth quarter, HoldingsChannel reports. The firm owned 42,150 shares of the energy company’s stock after selling 5,232 shares during the period. Larson Financial Group LLC’s holdings in Devon Energy were worth $1,909,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in DVN. Avior Wealth Management LLC boosted its stake in Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after purchasing an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC lifted its stake in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after acquiring an additional 218 shares during the period. MCF Advisors LLC lifted its stake in Devon Energy by 9.0% during the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after acquiring an additional 222 shares during the period. Clearbridge Investments LLC lifted its stake in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after acquiring an additional 239 shares during the period. Finally, KG&L Capital Management LLC lifted its stake in Devon Energy by 4.0% during the 3rd quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock valued at $312,000 after acquiring an additional 250 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.43 during mid-day trading on Tuesday, reaching $52.56. The company’s stock had a trading volume of 1,903,440 shares, compared to its average volume of 7,903,457. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market capitalization of $33.38 billion, a P/E ratio of 8.96 and a beta of 2.19. The stock has a 50-day moving average of $48.09 and a two-hundred day moving average of $45.98. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last announced its earnings results 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. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.66 earnings per share. On average, equities research analysts anticipate that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

Several analysts have commented on DVN shares. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday. Barclays began coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Finally, Mizuho decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.28.

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.