Sequoia Financial Advisors LLC Purchases 35,936 Shares of Devon Energy Co. (NYSE:DVN)

Sequoia Financial Advisors LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 300.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,890 shares of the energy company’s stock after acquiring an additional 35,936 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $2,169,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Coppell Advisory Solutions LLC acquired a new stake in shares of Devon Energy during the second quarter worth $25,000. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. KB Financial Partners LLC acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy during the third quarter worth $27,000. Finally, Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lifted their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley boosted their target price on Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Truist Financial decreased their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Piper Sandler decreased their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Finally, Stifel Nicolaus decreased their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.83.

Devon Energy Price Performance

Devon Energy stock opened at $53.43 on Friday. The stock’s 50 day moving average is $46.84 and its 200-day moving average is $45.75. The company has a market capitalization of $33.93 billion, a price-to-earnings ratio of 9.16 and a beta of 2.19. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $56.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.66 EPS. Equities research analysts expect that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

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.