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

PFG Investments LLC lifted its holdings in Devon Energy Co. (NYSE:DVN) by 6.9% in the 4th quarter, Holdings Channel reports. The firm owned 12,917 shares of the energy company’s stock after acquiring an additional 837 shares during the period. PFG Investments LLC’s holdings in Devon Energy were worth $585,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new position in shares of Devon Energy in the second quarter worth $25,000. Canada Pension Plan Investment Board purchased a new stake in shares of Devon Energy during the 1st quarter valued at about $26,000. KB Financial Partners LLC bought a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy in the third quarter worth approximately $27,000. Finally, Sound Income Strategies LLC grew its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $48.00 to $52.00 in a research note on Monday, December 11th. Piper Sandler lowered their price objective on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Citigroup boosted their price objective on Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $57.00 to $58.00 in a research report on Wednesday, December 6th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $55.38.

Devon Energy Trading Up 1.4 %

Shares of Devon Energy stock opened at $49.46 on Thursday. The firm has a market cap of $31.41 billion, a price-to-earnings ratio of 8.48 and a beta of 2.18. The business has a 50-day moving average price of $44.27 and a 200-day moving average price of $45.43. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $56.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.66 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $0.44 per share. The ex-dividend date is Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.56%. Devon Energy’s payout ratio is 15.09%.

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.