Resonant Capital Advisors LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

Resonant Capital Advisors LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 43.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 42,861 shares of the energy company’s stock after purchasing an additional 13,024 shares during the period. Resonant Capital Advisors LLC’s holdings in Devon Energy were worth $1,942,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in DVN. Wahed Invest LLC raised its stake in shares of Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares during the period. Cornerstone Wealth Management LLC grew its holdings in Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares in the last quarter. MCF Advisors LLC increased its holdings in shares of Devon Energy by 9.0% during the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after purchasing an additional 222 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in shares of Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after acquiring an additional 239 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DVN. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Mizuho lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Truist Financial dropped their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Raymond James decreased their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Finally, Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.94.

Devon Energy Price Performance

DVN stock traded up $0.35 during midday trading on Friday, reaching $51.78. The company had a trading volume of 3,952,169 shares, compared to its average volume of 7,987,048. The firm has a 50-day moving average price of $47.69 and a 200-day moving average price of $45.86. 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 company has a market capitalization of $32.88 billion, a P/E ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its 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. 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 quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.66 EPS. On average, research analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.40%. Devon Energy’s dividend payout ratio (DPR) is 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.