Legacy Financial Advisors Inc. Buys 5,776 Shares of Devon Energy Co. (NYSE:DVN)

Legacy Financial Advisors Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 45.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,376 shares of the energy company’s stock after buying an additional 5,776 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Devon Energy were worth $832,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cornerstone Wealth Management LLC raised its position in Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after purchasing an additional 218 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Devon Energy by 2.1% during the third 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. Sound Income Strategies LLC lifted its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Kestra Private Wealth Services LLC lifted its stake in shares of Devon Energy by 0.8% during the third quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after acquiring an additional 256 shares during the period. Finally, S. R. Schill & Associates lifted its stake in shares of Devon Energy by 3.8% during the fourth quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock valued at $353,000 after acquiring an additional 282 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DVN. Raymond James cut their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target on the stock. Citigroup upped their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Truist Financial dropped their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday. Finally, Mizuho upped their price objective on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

Shares of NYSE:DVN traded up $0.20 during mid-day trading on Friday, reaching $50.54. 8,953,763 shares of the stock were exchanged, compared to its average volume of 7,073,719. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market cap of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The stock’s 50 day simple moving average is $49.62 and its 200-day simple moving average is $46.31.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the firm posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. Devon Energy’s payout ratio is 16.79%.

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.