Lindbrook Capital LLC Acquires 436 Shares of Devon Energy Co. (NYSE:DVN)

Lindbrook Capital LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 20.8% during the fourth quarter, Holdings Channel reports. The fund owned 2,529 shares of the energy company’s stock after buying an additional 436 shares during the period. Lindbrook Capital LLC’s holdings in Devon Energy were worth $83,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Devon Energy during the fourth quarter valued at approximately $154,170,000. Arizona State Retirement System grew its position in Devon Energy by 1.0% during the fourth quarter. Arizona State Retirement System now owns 181,634 shares of the energy company’s stock valued at $5,945,000 after acquiring an additional 1,837 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Devon Energy by 144.9% in the fourth quarter. Verdence Capital Advisors LLC now owns 23,012 shares of the energy company’s stock worth $753,000 after purchasing an additional 13,617 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Devon Energy in the fourth quarter worth approximately $4,411,000. Finally, M&T Bank Corp grew its holdings in shares of Devon Energy by 14.5% in the fourth quarter. M&T Bank Corp now owns 39,858 shares of the energy company’s stock worth $1,304,000 after purchasing an additional 5,057 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Barclays raised their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Piper Sandler raised their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company cut their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Price Performance

DVN opened at $34.74 on Friday. The stock has a 50-day moving average price of $35.17 and a 200-day moving average price of $37.79. 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 firm has a market cap of $22.54 billion, a PE ratio of 7.62, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during 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%. Sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. Devon Energy’s payout ratio is 21.05%.

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.