Strategic Financial Concepts LLC Takes $218,000 Position in Devon Energy Co. (NYSE:DVN)

Strategic Financial Concepts LLC bought a new stake in Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,810 shares of the energy company’s stock, valued at approximately $218,000.

Other hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in Devon Energy during the first quarter worth about $26,000. Fortis Capital Advisors LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $31,000. KB Financial Partners LLC bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Coppell Advisory Solutions LLC bought a new position in shares of Devon Energy in the second quarter valued at approximately $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy in the third quarter valued at approximately $27,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on DVN. Piper Sandler cut their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Raymond James cut their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $57.00 to $58.00 in a research note on Wednesday, December 6th. Finally, Citigroup upped their price target on shares of Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.19.

Devon Energy Stock Up 1.5 %

NYSE:DVN traded up $0.72 during trading hours on Friday, reaching $50.18. The company had a trading volume of 9,259,379 shares, compared to its average volume of 7,929,797. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $56.19. The firm has a market cap of $31.86 billion, a price-to-earnings ratio of 8.61 and a beta of 2.18. The business’s 50-day simple moving average is $44.45 and its two-hundred day simple moving average is $45.47. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.66 earnings per share. On average, equities analysts expect that Devon Energy Co. will post 4.83 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared 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 3.51%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) 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.