Allen Capital Group LLC Trims Position in Devon Energy Co. (NYSE:DVN)

Allen Capital Group LLC lowered its position in Devon Energy Co. (NYSE:DVN) by 31.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,912 shares of the energy company’s stock after selling 2,278 shares during the quarter. Allen Capital Group LLC’s holdings in Devon Energy were worth $223,000 at the end of the most recent reporting period.

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

Devon Energy Stock Performance

Shares of DVN opened at $52.18 on Wednesday. The company has a market cap of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The firm has a fifty day moving average of $47.30 and a 200-day moving average of $45.78. Devon Energy Co. has a 1 year low of $40.47 and a 1 year 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.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $1.66 earnings per share. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. 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 3.37%. Devon Energy’s dividend payout ratio is presently 15.09%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DVN. Stifel Nicolaus decreased their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Truist Financial reduced their price target on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Finally, Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

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.