Avantax Advisory Services Inc. Acquires 8,733 Shares of Devon Energy Co. (NYSE:DVN)

Avantax Advisory Services Inc. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 13.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 75,848 shares of the energy company’s stock after purchasing an additional 8,733 shares during the period. Avantax Advisory Services Inc.’s holdings in Devon Energy were worth $2,482,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Devon Energy during the 4th quarter valued at $43,000. True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the period. Activest Wealth Management boosted its position in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. Finally, Endeavor Private Wealth Inc. purchased a new stake in Devon Energy during the 4th quarter valued at $52,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $34.50 on Monday. The company has a 50 day moving average price of $35.38 and a 200-day moving average price of $37.27. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The firm has a market capitalization of $22.39 billion, a PE ratio of 7.56, a P/E/G ratio of 1.20 and a beta of 1.91. 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 (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.78%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DVN. Piper Sandler increased their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Barclays raised their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Raymond James dropped their target price on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Finally, Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $48.54.

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.