Magnolia Capital Advisors LLC Buys 728 Shares of Devon Energy Co. (NYSE:DVN)

Magnolia Capital Advisors LLC increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 23,086 shares of the energy company’s stock after buying an additional 728 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Devon Energy were worth $1,000,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Morgan Stanley lifted its stake in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Devon Energy by 5.1% during the 3rd 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 increased its holdings in Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after purchasing an additional 402,055 shares during the period. Northern Trust Corp increased its holdings in Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of several research reports. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley raised their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus raised their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Performance

DVN traded down $0.48 on Wednesday, reaching $52.09. 6,462,575 shares of the stock were exchanged, compared to its average volume of 7,914,438. The company’s 50-day moving average price is $48.51 and its 200 day moving average price is $46.09. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market capitalization of $33.08 billion, a PE ratio of 8.93 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping 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 company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the firm posted $1.66 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.2 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

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.