Devon Energy Co. (NYSE:DVN) Holdings Boosted by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC grew its holdings in Devon Energy Co. (NYSE:DVN) by 13.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,467 shares of the energy company’s stock after purchasing an additional 1,213 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Devon Energy were worth $525,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the fourth quarter worth $28,000. Sound Income Strategies LLC increased its position in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC raised its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. Finally, PFS Partners LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $36,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of several recent research reports. Scotiabank boosted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada increased their target price on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. Citigroup boosted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Piper Sandler increased their price objective on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Finally, Stifel Nicolaus boosted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.24.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $47.40 on Friday. The business’s 50 day moving average is $48.73 and its 200-day moving average is $46.91. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $29.96 billion, a PE ratio of 9.05, a PEG ratio of 1.24 and a beta of 2.08. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. Sell-side analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.73% of the company’s stock.

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.