Legacy Capital Group California Inc. Acquires 4,364 Shares of Devon Energy Co. (NYSE:DVN)

Legacy Capital Group California Inc. increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 43.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,388 shares of the energy company’s stock after purchasing an additional 4,364 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Devon Energy were worth $471,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the third quarter worth about $35,000. Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Devon Energy during the 4th quarter worth approximately $43,000. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its position in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 2.8 %

NYSE DVN opened at $37.49 on Friday. The business has a fifty day moving average price of $34.47 and a two-hundred day moving average price of $38.37. The stock has a market capitalization of $24.62 billion, a PE ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Equities analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday. Barclays raised their price target on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.83.

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.