Key Client Fiduciary Advisors LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Key Client Fiduciary Advisors LLC acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) during the 1st quarter, Holdings Channel reports. The firm acquired 5,443 shares of the energy company’s stock, valued at approximately $273,000.

Other institutional investors have also recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its position in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares in the last quarter. Clearbridge Investments LLC grew its position in Devon Energy by 2.1% in 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 in the last quarter. Sound Income Strategies LLC grew its position in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in Devon Energy by 5.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after purchasing an additional 271 shares in the last quarter. Finally, S. R. Schill & Associates grew its position in Devon Energy by 3.8% in the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after purchasing an additional 282 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Truist Financial reduced their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Citigroup increased their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Finally, StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.24.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the 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 transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.73% of the stock is owned by insiders.

Devon Energy Stock Performance

Devon Energy stock opened at $47.02 on Friday. The firm’s fifty day moving average price is $48.82 and its 200-day moving average price is $46.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $29.71 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 1.23 and a beta of 2.08. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the company posted $1.46 EPS. On average, equities research analysts expect that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

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.