Allen Capital Group LLC Sells 2,278 Shares of Devon Energy Co. (NYSE:DVN)

Allen Capital Group LLC reduced its holdings in Devon Energy Co. (NYSE:DVN) by 31.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 large investors have also bought and sold shares of the company. Wahed Invest LLC increased its stake in shares of Devon Energy by 2.1% in the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after buying an additional 161 shares during the period. Avior Wealth Management LLC lifted its holdings in Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after buying an additional 207 shares during the period. Cornerstone Wealth Management LLC grew its position in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after buying an additional 218 shares during the last quarter. MCF Advisors LLC increased its stake in shares of Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after buying an additional 222 shares during the period. Finally, Clearbridge Investments LLC raised its position in shares of Devon Energy by 2.1% during the third 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 last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Devon Energy stock opened at $52.18 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $56.19. The firm has a market capitalization of $33.13 billion, a PE ratio of 8.95 and a beta of 2.19. The firm’s 50 day simple moving average is $47.30 and its 200 day simple moving average is $45.78.

Devon Energy (NYSE:DVN) last released 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 net margin of 24.56% and a return on equity of 31.72%. The business 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 company earned $1.66 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, analysts expect that Devon Energy Co. will post 5.02 earnings per share for the current fiscal 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 paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.37%. Devon Energy’s dividend payout ratio is presently 15.09%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research analyst reports. Truist Financial cut their target price on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. UBS Group boosted their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Stifel Nicolaus cut their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Piper Sandler lowered their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Finally, Mizuho cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price 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.