Parallel Advisors LLC Has $448,000 Position in Devon Energy Co. (NYSE:DVN)

Parallel Advisors LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 8.7% during the 4th quarter, HoldingsChannel reports. The firm owned 13,687 shares of the energy company’s stock after selling 1,303 shares during the period. Parallel Advisors LLC’s holdings in Devon Energy were worth $448,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy in the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC bought a new stake in Devon Energy in the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy in the 3rd quarter worth $230,928,000. Raymond James Financial Inc. bought a new position in Devon Energy during the 4th quarter worth about $154,170,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Devon Energy by 90.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after purchasing an additional 1,296,590 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.18 on Friday. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a 50-day simple moving average of $35.46 and a two-hundred day simple moving average of $37.06. The stock has a market capitalization of $23.48 billion, a price-to-earnings ratio of 7.93, a price-to-earnings-growth 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 issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Citigroup reduced their price objective on Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Cowen cut shares of Devon Energy to a “hold” rating and decreased their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $48.46.

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.