Lake Street Advisors Group LLC Buys 29,477 Shares of Devon Energy Co. (NYSE:DVN)

Lake Street Advisors Group LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 190.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 44,944 shares of the energy company’s stock after purchasing 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 & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Horizon Advisory Services Inc. lifted its holdings in Devon Energy by 42.8% during the fourth quarter. Horizon Advisory Services Inc. now owns 7,599 shares of the energy company’s stock valued at $249,000 after purchasing an additional 2,279 shares in the last quarter. Rothschild Investment LLC raised its position in shares of Devon Energy by 122.9% during the 4th quarter. Rothschild Investment LLC now owns 79,579 shares of the energy company’s stock valued at $2,605,000 after purchasing an additional 43,876 shares during the period. IFP Advisors Inc lifted its stake in shares of Devon Energy by 120.9% during the 4th quarter. IFP Advisors Inc now owns 41,611 shares of the energy company’s stock valued at $1,362,000 after buying an additional 22,770 shares in the last quarter. Boothe Investment Group Inc. boosted its holdings in Devon Energy by 36.4% in the 4th quarter. Boothe Investment Group Inc. now owns 162,858 shares of the energy company’s stock worth $5,330,000 after buying an additional 43,441 shares during the period. Finally, South Dakota Investment Council increased its stake in Devon Energy by 7.4% in the 4th quarter. South Dakota Investment Council now owns 90,426 shares of the energy company’s stock worth $2,960,000 after buying an additional 6,200 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on DVN. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Cowen cut shares of Devon Energy to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Benchmark restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Stock Performance

NYSE DVN opened at $35.36 on Thursday. The company has a market cap of $22.95 billion, a P/E ratio of 7.75, a P/E/G ratio of 1.20 and a beta of 1.98. The business’s 50 day moving average price is $34.73 and its 200-day moving average price is $38.18. 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 quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data 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 business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.72%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

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.