Devon Energy Co. (NYSE:DVN) Position Increased by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,976 shares of the energy company’s stock after acquiring an additional 1,125 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Devon Energy were worth $1,101,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the 2nd quarter worth about $25,000. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the first quarter valued at approximately $26,000. KB Financial Partners LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the 3rd quarter worth approximately $27,000. Finally, Sound Income Strategies LLC grew its position in Devon Energy by 60.7% during 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 in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on DVN. Morgan Stanley increased their target price on Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday. Citigroup raised their price objective on Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Stifel Nicolaus lowered their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, Piper Sandler cut their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $55.19.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.72 during trading hours on Friday, hitting $50.18. 9,259,379 shares of the stock were exchanged, compared to its average volume of 7,929,797. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19. The company’s 50 day moving average is $44.45 and its 200 day moving average is $45.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market capitalization of $31.86 billion, a P/E ratio of 8.61 and a beta of 2.18.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm posted $1.66 EPS. The company’s revenue was down 3.6% on a year-over-year basis. On average, research analysts expect that Devon Energy Co. will post 4.83 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

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.