CapWealth Advisors LLC Buys 79,090 Shares of Devon Energy Co. (NYSE:DVN)

CapWealth Advisors LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 27.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 370,419 shares of the energy company’s stock after purchasing an additional 79,090 shares during the quarter. Devon Energy makes up approximately 2.0% of CapWealth Advisors LLC’s investment portfolio, making the stock its 20th biggest position. CapWealth Advisors LLC owned approximately 0.06% of Devon Energy worth $16,780,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of DVN. Geode Capital Management LLC raised its holdings in Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock valued at $715,360,000 after acquiring an additional 823,626 shares during the period. Morgan Stanley raised its holdings in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 5.1% during the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares during the period. Raymond James & Associates raised its holdings in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares during the period. Finally, Northern Trust Corp raised its holdings in Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after acquiring an additional 99,059 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of recent analyst reports. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Truist Financial decreased their price target on Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Piper Sandler reduced their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Finally, Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.89.

Devon Energy Trading Up 0.4 %

DVN traded up $0.20 on Thursday, hitting $51.87. The company had a trading volume of 1,814,838 shares, compared to its average volume of 7,997,598. The company has a market cap of $32.94 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The business’s fifty day simple moving average is $47.51 and its 200 day simple moving average is $45.82.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts expect that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. 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.