Lake Street Advisors Group LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Lake Street Advisors Group LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 190.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,944 shares of the energy company’s stock after buying an additional 29,477 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Devon Energy were worth $1,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of DVN. Geode Capital Management LLC raised its position in shares of Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the third quarter worth $461,857,000. Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. grew its position in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

NYSE DVN opened at $35.36 on Thursday. The stock has a market capitalization of $22.95 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a 1-year low of $30.39 and a 1-year 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. The business’s fifty day moving average price is $34.73 and its 200-day moving average price is $38.18.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, equities analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.72%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is 21.05%.

Analyst Ratings Changes

Several research firms recently commented on DVN. TD Cowen dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Barclays raised their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Finally, Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy 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.