Wealth Forward LLC Grows Stake in Devon Energy Co. (NYSE:DVN)

Wealth Forward LLC raised its position in Devon Energy Co. (NYSE:DVN) by 11.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,904 shares of the energy company’s stock after purchasing an additional 687 shares during the period. Wealth Forward LLC’s holdings in Devon Energy were worth $226,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Devon Energy in the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the third quarter worth approximately $39,000. True Wealth Design LLC raised its stake in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its stake in shares of 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. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $35.33 on Tuesday. The stock’s 50 day moving average price is $35.20 and its 200 day moving average price is $39.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market cap of $23.20 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 1.21 and a beta of 2.00. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.49%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on DVN shares. Truist Financial reduced their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. TD Cowen decreased their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research report on Thursday, December 5th. Scotiabank dropped their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Jefferies Financial Group began coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Nine 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, the company has an average rating of “Moderate Buy” and an average target price of $49.41.

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.