17,903 Shares in Devon Energy Co. (NYSE:DVN) Acquired by Visionary Horizons LLC

Visionary Horizons LLC acquired a new position in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,903 shares of the energy company’s stock, valued at approximately $811,000. Devon Energy makes up about 0.7% of Visionary Horizons LLC’s investment portfolio, making the stock its 21st largest holding.

Several other hedge funds have also bought and sold shares of the stock. Coppell Advisory Solutions LLC purchased a new position in shares of Devon Energy during the 2nd quarter valued at approximately $25,000. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC acquired a new position in Devon Energy in the 1st quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the 3rd quarter valued at $27,000. Finally, Sound Income Strategies LLC raised its stake in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.2 %

Shares of DVN stock traded up $1.15 on Wednesday, reaching $52.77. 8,985,021 shares of the company’s stock traded hands, compared to its average volume of 8,146,170. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The company has a market capitalization of $33.51 billion, a P/E ratio of 8.96 and a beta of 2.19. The business’s 50 day moving average price is $45.04 and its two-hundred day moving average price is $45.40.

Devon Energy (NYSE:DVN) last issued 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. 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 for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $1.66 earnings per share. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 4.74 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. Devon Energy’s dividend payout ratio is currently 15.09%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler cut their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Morgan Stanley lifted their price target on Devon Energy from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Raymond James reduced their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Finally, Stifel Nicolaus reduced their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $55.88.

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.