Sfmg LLC Purchases 16,653 Shares of Devon Energy Co. (NYSE:DVN)

Sfmg LLC grew its position in Devon Energy Co. (NYSE:DVN) by 34.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Geode Capital Management LLC grew its stake in shares of Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares during the last quarter. Morgan Stanley increased its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 5.1% during the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after buying an additional 411,777 shares during the period. Raymond James & Associates grew its holdings in shares of Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after buying an additional 99,059 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.50 during trading on Wednesday, reaching $52.18. 6,991,359 shares of the company’s stock traded hands, compared to its average volume of 7,013,805. The firm has a market cap of $33.13 billion, a PE ratio of 8.95 and a beta of 2.19. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. 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 company has a 50-day simple moving average of $47.30 and a 200-day simple moving average of $45.78.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the business earned $1.66 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. As a group, analysts predict that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on the company. UBS Group lifted their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Morgan Stanley upped their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday. Scotiabank raised their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Citigroup lifted their price objective 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, Truist Financial cut their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $57.89.

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.