Larson Financial Group LLC Acquires 2,329 Shares of Devon Energy Co. (NYSE:DVN)

Larson Financial Group LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 5.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,879 shares of the energy company’s stock after buying an additional 2,329 shares during the period. Larson Financial Group LLC’s holdings in Devon Energy were worth $1,873,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Triad Wealth Partners LLC bought a new stake in Devon Energy in the second quarter valued at $27,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy in the 2nd quarter worth about $34,000. PSI Advisors LLC grew its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. LRI Investments LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $39,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the 3rd quarter valued at approximately $35,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 1.9 %

Shares of Devon Energy stock opened at $39.45 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $25.91 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a 50-day simple moving average of $39.94 and a two-hundred day simple moving average of $43.90.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.23%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DVN. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Raymond James lowered their price objective on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.85.

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.