Wealth Enhancement Advisory Services LLC Has $99.05 Million Holdings in Devon Energy Co. (NYSE:DVN)

Wealth Enhancement Advisory Services LLC lifted its holdings in Devon Energy Co. (NYSE:DVN) by 112.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,026,396 shares of the energy company’s stock after acquiring an additional 1,598,579 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.47% of Devon Energy worth $99,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Hurley Capital LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy in the 4th quarter worth approximately $28,000. Cromwell Holdings LLC raised its position in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new position in Devon Energy in the 4th quarter worth approximately $43,000. Finally, Thompson Investment Management Inc. raised its position in Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of several research analyst reports. Royal Bank of Canada dropped their price objective on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Piper Sandler dropped their price objective on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Mizuho dropped their target price on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Scotiabank dropped their target price on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Finally, Wells Fargo & Company upped their target price on shares of Devon Energy from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, May 14th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Trading Up 0.6%

Shares of NYSE:DVN opened at $31.34 on Wednesday. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a market capitalization of $20.12 billion, a P/E ratio of 6.87, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a 50-day simple moving average of $32.01 and a 200 day simple moving average of $34.18. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the business posted $1.16 earnings per share. Sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.06%. Devon Energy’s dividend payout ratio is currently 21.87%.

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.