Arete Wealth Advisors LLC Has $260,000 Stock Holdings in Devon Energy Co. (NYSE:DVN)

Arete Wealth Advisors LLC reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 17.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,962 shares of the energy company’s stock after selling 1,637 shares during the period. Arete Wealth Advisors LLC’s holdings in Devon Energy were worth $260,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Benjamin Edwards Inc. lifted its position in Devon Energy by 2,431.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 15,744 shares of the energy company’s stock valued at $616,000 after acquiring an additional 15,122 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Devon Energy by 29.8% in the third quarter. Integrated Wealth Concepts LLC now owns 30,881 shares of the energy company’s stock valued at $1,208,000 after purchasing an additional 7,087 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Devon Energy during the third quarter worth about $126,000. Royal London Asset Management Ltd. grew its holdings in shares of Devon Energy by 3.3% during the third quarter. Royal London Asset Management Ltd. now owns 258,822 shares of the energy company’s stock worth $10,125,000 after buying an additional 8,328 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Devon Energy in the 3rd quarter valued at approximately $325,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DVN shares. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Cowen downgraded shares of Devon Energy to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. JPMorgan Chase & Co. lowered their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Piper Sandler raised their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.17.

Devon Energy Trading Down 11.7 %

DVN opened at $29.30 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a twelve month low of $28.01 and a twelve month high of $55.09. The stock has a market capitalization of $19.01 billion, a price-to-earnings ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a 50-day simple moving average of $35.22 and a 200 day simple moving average of $36.67.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

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.