Magnolia Capital Advisors LLC Has $1 Million Position in Devon Energy Co. (NYSE:DVN)

Magnolia Capital Advisors LLC increased its position in Devon Energy Co. (NYSE:DVN) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,086 shares of the energy company’s stock after buying an additional 728 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Devon Energy were worth $1,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC grew its holdings in Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after buying an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after buying an additional 218 shares in the last quarter. MCF Advisors LLC grew its holdings in Devon Energy by 9.0% during the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after buying an additional 222 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after buying an additional 239 shares in the last quarter. Finally, KG&L Capital Management LLC grew its holdings in Devon Energy by 4.0% during the 3rd quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock valued at $312,000 after buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent analyst reports. Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Citigroup lifted their price target on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Scotiabank lifted their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Down 0.9 %

Devon Energy stock traded down $0.48 during trading hours on Wednesday, reaching $52.09. The company had a trading volume of 6,462,575 shares, compared to its average volume of 7,914,438. 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 company has a 50-day moving average price of $48.51 and a 200 day moving average price of $46.09. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm earned $1.66 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. Equities analysts forecast that Devon Energy Co. will post 5.2 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.38%. Devon Energy’s payout ratio is 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.