Lazari Capital Management Inc. Trims Stake in Devon Energy Co. (NYSE:DVN)

Lazari Capital Management Inc. cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,832 shares of the energy company’s stock after selling 2,568 shares during the quarter. Lazari Capital Management Inc.’s holdings in Devon Energy were worth $976,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy in the third quarter worth $39,000. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. raised its holdings in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on DVN shares. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Citigroup decreased their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, January 14th. TD Cowen cut their target price 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. Finally, Truist Financial lowered their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Down 2.7 %

Shares of NYSE:DVN opened at $34.09 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $34.89 and a 200 day simple moving average of $39.41. The firm has a market cap of $22.39 billion, a PE ratio of 6.32, a price-to-earnings-growth ratio of 1.07 and a beta of 1.98. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.58%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.