PFG Investments LLC Raises Stake in Devon Energy Co. (NYSE:DVN)

PFG Investments LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 8.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 30,403 shares of the energy company’s stock after purchasing an additional 2,356 shares during the period. PFG Investments LLC’s holdings in Devon Energy were worth $995,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC lifted its holdings in Devon Energy by 56.1% during the 4th quarter. Flagship Harbor Advisors LLC now owns 21,860 shares of the energy company’s stock worth $715,000 after purchasing an additional 7,857 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in Devon Energy by 22.1% in the 4th quarter. Geneos Wealth Management Inc. now owns 9,466 shares of the energy company’s stock worth $310,000 after acquiring an additional 1,713 shares during the last quarter. Fifth Third Bancorp increased its stake in Devon Energy by 11.0% in the 4th quarter. Fifth Third Bancorp now owns 27,637 shares of the energy company’s stock worth $905,000 after acquiring an additional 2,748 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Devon Energy by 21.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 6,216 shares of the energy company’s stock worth $203,000 after acquiring an additional 1,097 shares during the last quarter. Finally, Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.6% in the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after acquiring an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN opened at $34.88 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market capitalization of $22.91 billion, a PE ratio of 6.47, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The stock’s 50 day moving average price is $35.14 and its 200-day moving average price is $39.70.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. Devon Energy’s dividend payout ratio is presently 16.33%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Thursday, December 5th. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Finally, Mizuho reduced their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.41.

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.