Legato Capital Management LLC Buys New Holdings in Devon Energy Corporation $DVN

Legato Capital Management LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 21,890 shares of the energy company's stock, valued at approximately $802,000.

Other hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. raised its position in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. Accredited Wealth Management LLC grew its stake in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after buying an additional 308 shares during the last quarter. Olistico Wealth LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $31,000. Elyxium Wealth LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $31,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Devon Energy during the third quarter worth $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.1%

DVN opened at $47.29 on Tuesday. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a market cap of $29.38 billion, a PE ratio of 13.17 and a beta of 0.43. The company has a 50 day moving average of $48.16 and a 200 day moving average of $42.11.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, sell-side analysts expect that Devon Energy Corporation will post 5.15 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is 26.74%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Capital One Financial dropped their target price on shares of Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. Weiss Ratings upgraded shares of Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Raymond James Financial upgraded shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 price objective on the stock in a report on Tuesday, May 5th. Finally, BMO Capital Markets upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus target price of $57.30.

Insiders Place Their Bets

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.71% of the stock is owned by company insiders.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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