Scissortail Wealth Management LLC Buys 4,869 Shares of Devon Energy Co. (NYSE:DVN)

Scissortail Wealth Management LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 10.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 50,141 shares of the energy company’s stock after acquiring an additional 4,869 shares during the quarter. Scissortail Wealth Management LLC’s holdings in Devon Energy were worth $2,145,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Avior Wealth Management LLC boosted its position in shares of Devon Energy by 50.5% during the fourth quarter. Avior Wealth Management LLC now owns 6,629 shares of the energy company’s stock worth $300,000 after acquiring an additional 2,223 shares during the last quarter. Crescent Grove Advisors LLC lifted its position in Devon Energy by 10.9% during the fourth quarter. Crescent Grove Advisors LLC now owns 14,797 shares of the energy company’s stock valued at $670,000 after purchasing an additional 1,457 shares during the last quarter. B&D White Capital Company LLC lifted its position in Devon Energy by 41.8% during the fourth quarter. B&D White Capital Company LLC now owns 11,200 shares of the energy company’s stock valued at $507,000 after purchasing an additional 3,300 shares during the last quarter. Cullen Investment Group LTD. bought a new position in Devon Energy during the fourth quarter valued at $4,466,000. Finally, Cornercap Investment Counsel Inc. lifted its position in Devon Energy by 8.9% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 36,124 shares of the energy company’s stock valued at $1,636,000 after purchasing an additional 2,959 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on DVN shares. UBS Group increased their price objective 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 lowered their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Scotiabank increased their target price 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, Mizuho reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Down 0.9 %

NYSE DVN traded down $0.49 during trading on Tuesday, reaching $52.19. 6,989,598 shares of the company’s stock traded hands, compared to its average volume of 8,108,337. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market cap of $33.14 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The company’s 50 day simple moving average is $47.30 and its two-hundred day simple moving average is $45.78. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm posted $1.66 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

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.