Legacy Investment Solutions LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 204,612 shares of the energy company’s stock, valued at approximately $8,002,000. Devon Energy accounts for about 5.0% of Legacy Investment Solutions LLC’s holdings, making the stock its 6th largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy in the third quarter worth $230,928,000. International Assets Investment Management LLC increased its position in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Mizuho decreased their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Finally, TD Cowen cut their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Hold” and a consensus price target of $50.75.

Devon Energy Stock Down 2.7 %

NYSE DVN opened at $34.99 on Friday. The stock’s 50 day simple moving average is $39.36 and its 200 day simple moving average is $43.06. Devon Energy Co. has a one year low of $34.76 and a one year high of $55.09. The firm has a market cap of $22.98 billion, a PE ratio of 6.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

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.