Legacy Capital Group California Inc. Buys 4,364 Shares of Devon Energy Co. (NYSE:DVN)

Legacy Capital Group California Inc. increased its stake in Devon Energy Co. (NYSE:DVN) by 43.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,388 shares of the energy company’s stock after acquiring an additional 4,364 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Devon Energy were worth $471,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Hazlett Burt & Watson Inc. lifted its stake in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. Sfmg LLC increased its stake in shares of Devon Energy by 0.5% in the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after acquiring an additional 294 shares in the last quarter. Redwood Wealth Management Group LLC lifted its position in shares of Devon Energy by 3.9% during the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after acquiring an additional 309 shares during the period. Brighton Jones LLC increased its stake in Devon Energy by 0.7% in the third quarter. Brighton Jones LLC now owns 42,510 shares of the energy company’s stock valued at $1,663,000 after purchasing an additional 310 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its holdings in shares of Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 2.8 %

Shares of DVN opened at $37.49 on Friday. The stock has a market capitalization of $24.62 billion, a P/E ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $34.47 and a two-hundred day simple moving average of $38.37.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Analysts Set New Price Targets

Several brokerages have issued reports on DVN. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Raymond James boosted their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Piper Sandler lifted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Susquehanna upped their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.83.

About Devon Energy

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.