KMG Fiduciary Partners LLC Grows Stake in Devon Energy Co. (NYSE:DVN)

KMG Fiduciary Partners LLC grew its position in Devon Energy Co. (NYSE:DVN) by 9.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,657 shares of the energy company’s stock after purchasing an additional 8,671 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Devon Energy were worth $3,877,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after buying an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after buying an additional 3,114,656 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after buying an additional 232,469 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after buying an additional 2,335,473 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Barclays lifted their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Raymond James set a $40.00 price objective on shares of Devon Energy in a research note on Monday, April 21st. Scotiabank lowered their price objective on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Finally, Susquehanna lowered their price objective on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $43.71.

Devon Energy Trading Up 2.7%

Shares of Devon Energy stock opened at $32.28 on Friday. The firm has a 50-day simple moving average of $31.09 and a two-hundred day simple moving average of $33.78. The company has a market cap of $20.73 billion, a P/E ratio of 7.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company’s revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the company posted $1.16 EPS. As a group, equities analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. Devon Energy’s dividend payout ratio is currently 21.87%.

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.