Devon Energy Co. (NYSE:DVN) Stake Lifted by Sfmg LLC

Sfmg LLC increased its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 34.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,776 shares of the energy company's stock after purchasing 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 quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Fortis Capital Advisors LLC purchased a new stake in Devon Energy in the fourth quarter valued at $31,000. KB Financial Partners LLC purchased a new stake in Devon Energy in the first quarter valued at $26,000. Coppell Advisory Solutions LLC purchased a new stake in Devon Energy in the second quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy in the third quarter valued at $27,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. Citigroup boosted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 11th. Raymond James reduced their price target on shares of Devon Energy from $53.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, January 24th. Truist Financial reduced their target price on shares of Devon Energy from $69.00 to $66.00 and set a "buy" rating for the company in a report on Friday, April 5th. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a report on Monday, April 8th. Finally, UBS Group upped their price objective on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $57.89.

Devon Energy Stock Performance

Shares of DVN stock traded down $0.51 during trading hours on Wednesday, reaching $51.67. 6,170,623 shares of the company's stock were exchanged, compared to its average volume of 8,083,064. The company has a market cap of $32.81 billion, a P/E ratio of 8.86 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company's 50 day moving average is $47.51 and its two-hundred day moving average is $45.82. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.46.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts' expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company's revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.66 EPS. Equities research analysts anticipate that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date 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.