CapWealth Advisors LLC Purchases 20,163 Shares of Devon Energy Co. (NYSE:DVN)

CapWealth Advisors LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 5.4% during the first quarter, Holdings Channel.com reports. The firm owned 390,582 shares of the energy company’s stock after buying an additional 20,163 shares during the quarter. Devon Energy accounts for 2.2% of CapWealth Advisors LLC’s portfolio, making the stock its 19th biggest holding. CapWealth Advisors LLC’s holdings in Devon Energy were worth $19,599,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in DVN. Axxcess Wealth Management LLC increased its stake in shares of Devon Energy by 6.1% during the third quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock worth $238,000 after purchasing an additional 286 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in Devon Energy during the 3rd quarter worth $12,497,000. Lido Advisors LLC increased its stake in Devon Energy by 12.7% during the 3rd quarter. Lido Advisors LLC now owns 9,228 shares of the energy company’s stock worth $440,000 after acquiring an additional 1,039 shares during the period. The Manufacturers Life Insurance Company increased its stake in Devon Energy by 10.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,351,189 shares of the energy company’s stock worth $64,452,000 after acquiring an additional 123,562 shares during the period. Finally, Morgan Stanley increased its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Bank of America restated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Susquehanna restated a “positive” rating and set a $65.00 price objective on shares of Devon Energy in a research note on Tuesday. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Piper Sandler raised their price objective on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Finally, Mizuho raised their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.41.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.47 during mid-day trading on Tuesday, hitting $46.05. 6,198,145 shares of the stock traded hands, compared to its average volume of 7,314,511. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a market cap of $29.10 billion, a PE ratio of 8.79, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The firm has a 50 day simple moving average of $48.03 and a two-hundred day simple moving average of $47.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is presently 16.79%.

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.