Legacy Capital Group California Inc. Decreases Stake in Devon Energy Co. (NYSE:DVN)

Legacy Capital Group California Inc. reduced its stake in Devon Energy Co. (NYSE:DVN) by 4.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,024 shares of the energy company’s stock after selling 491 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Devon Energy were worth $392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of DVN. Wellington Management Group LLP raised its position in Devon Energy by 9.8% during the 4th quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock worth $7,838,000 after buying an additional 15,384 shares during the last quarter. Wealthcare Advisory Partners LLC raised its position in Devon Energy by 13.1% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,467 shares of the energy company’s stock worth $525,000 after buying an additional 1,213 shares during the last quarter. Hodges Capital Management Inc. raised its position in Devon Energy by 3.5% during the 1st quarter. Hodges Capital Management Inc. now owns 18,443 shares of the energy company’s stock worth $925,000 after buying an additional 631 shares during the last quarter. MCF Advisors LLC raised its position in Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. Finally, Oliver Luxxe Assets LLC raised its position in Devon Energy by 1.1% during the 1st quarter. Oliver Luxxe Assets LLC now owns 91,963 shares of the energy company’s stock worth $4,615,000 after buying an additional 1,045 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DVN has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Scotiabank lowered their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, BMO Capital Markets lowered their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Price Performance

Shares of NYSE DVN opened at $39.19 on Friday. The firm has a 50-day simple moving average of $41.62 and a 200-day simple moving average of $45.86. The stock has a market capitalization of $24.77 billion, a price-to-earnings ratio of 7.48, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share. On average, equities analysts predict that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.