Advisory Services Network LLC Increases Position in Devon Energy Co. (NYSE:DVN)

Advisory Services Network LLC lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 74.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,500 shares of the energy company’s stock after acquiring an additional 31,791 shares during the period. Advisory Services Network LLC’s holdings in Devon Energy were worth $2,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Morse Asset Management Inc purchased a new stake in shares of Devon Energy during the third quarter worth approximately $126,000. Orion Portfolio Solutions LLC lifted its holdings in Devon Energy by 22.2% in the third quarter. Orion Portfolio Solutions LLC now owns 66,387 shares of the energy company’s stock valued at $2,597,000 after acquiring an additional 12,062 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Devon Energy by 4.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 284,334 shares of the energy company’s stock worth $11,123,000 after purchasing an additional 12,503 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Devon Energy by 3.1% in the 3rd quarter. M&T Bank Corp now owns 34,801 shares of the energy company’s stock valued at $1,361,000 after purchasing an additional 1,040 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 10.7 %

Shares of DVN opened at $27.74 on Friday. 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 Co. has a one year low of $25.89 and a one year high of $55.09. The stock has a 50-day moving average price of $34.50 and a 200 day moving average price of $36.22. The company has a market capitalization of $18.00 billion, a P/E ratio of 6.08, a P/E/G ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.46%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is presently 21.05%.

Analyst Ratings Changes

Several brokerages have issued reports on DVN. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Truist Financial boosted their price target on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Finally, Citigroup lowered their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $47.63.

Devon Energy Company 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.