Syon Capital LLC Boosts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Syon Capital LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 5.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,957 shares of the energy company’s stock after purchasing an additional 791 shares during the period. Syon Capital LLC’s holdings in Devon Energy were worth $678,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. Clearbridge Investments LLC lifted its position in shares of Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Devon Energy by 5.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after acquiring an additional 271 shares in the last quarter. S. R. Schill & Associates boosted its position in shares of Devon Energy by 3.8% during the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after acquiring an additional 282 shares in the last quarter. Finally, Axxcess Wealth Management LLC raised its position in shares of Devon Energy by 6.1% during the 3rd quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock worth $238,000 after acquiring an additional 286 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

Devon Energy stock traded up $0.15 during trading hours on Friday, reaching $45.56. 6,809,776 shares of the stock were exchanged, compared to its average volume of 5,960,871. The stock has a market cap of $28.79 billion, a P/E ratio of 8.69 and a beta of 2.08. The firm’s 50 day moving average is $50.02 and its 200 day moving average is $46.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the company posted $1.46 earnings per share. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 5.18 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.93%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Ratings Changes

DVN has been the subject of a number of research analyst reports. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, June 10th. Truist Financial dropped their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Piper Sandler boosted their price target on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.24.

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.