Resonant Capital Advisors LLC Acquires 13,024 Shares of Devon Energy Co. (NYSE:DVN)

Resonant Capital Advisors LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 43.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 42,861 shares of the energy company’s stock after acquiring an additional 13,024 shares during the period. Resonant Capital Advisors LLC’s holdings in Devon Energy were worth $1,942,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Geode Capital Management LLC lifted its stake in Devon Energy by 6.2% in the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock valued at $715,360,000 after buying an additional 823,626 shares during the period. Morgan Stanley increased its stake in Devon Energy by 23.6% in the third 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. raised its holdings in Devon Energy by 5.1% in the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after purchasing an additional 411,777 shares during the period. Raymond James & Associates grew its holdings in shares of Devon Energy by 5.0% in the 3rd 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 period. Finally, Northern Trust Corp increased its position in shares of Devon Energy by 1.4% in the 1st 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 in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Piper Sandler raised their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday. Citigroup increased their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Stifel Nicolaus dropped their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.94.

Devon Energy Price Performance

NYSE:DVN traded up $0.35 on Friday, hitting $51.78. The company had a trading volume of 3,952,169 shares, compared to its average volume of 7,987,048. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The firm has a 50 day moving average of $47.69 and a two-hundred day moving average of $45.86. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.88 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.66 EPS. On average, research analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current 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 given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Devon Energy Company 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.