Proficio Capital Partners LLC Invests $4.41 Million in Devon Energy Co. (NYSE:DVN)

Proficio Capital Partners LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 134,782 shares of the energy company’s stock, valued at approximately $4,411,000.

A number of other hedge funds have also bought and sold shares of DVN. Geode Capital Management LLC grew its holdings in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new stake in Devon Energy in the third quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. lifted its stake in Devon Energy by 2.3% in the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after buying an additional 232,469 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $35.13 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $22.80 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a 50-day simple moving average of $35.41 and a 200 day simple moving average of $37.20.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, research analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.73%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DVN. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Wednesday, January 15th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Finally, Williams Trading set a $50.00 price target on Devon Energy in a research note on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

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.