Devon Energy Co. (NYSE:DVN) Shares Bought by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 36.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,800 shares of the energy company’s stock after acquiring an additional 1,804 shares during the period. Axxcess Wealth Management LLC’s holdings in Devon Energy were worth $308,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in DVN. Pacer Advisors Inc. raised its position in shares of Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after buying an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth $113,793,000. Morgan Stanley raised its position in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. International Assets Investment Management LLC raised its position in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Devon Energy by 61.0% in the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock worth $127,539,000 after buying an additional 1,013,353 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.8 %

Shares of DVN stock opened at $50.56 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a 50-day simple moving average of $50.02 and a 200 day simple moving average of $46.31. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The stock has a market capitalization of $31.95 billion, a P/E ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 EPS. The business’s revenue was down 5.9% compared to the same quarter last year. On average, sell-side analysts expect that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Activity

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, 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 SEC, which is available through the SEC website. Insiders own 0.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on DVN shares. Susquehanna boosted their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Barclays began coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Morgan Stanley boosted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Finally, UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.