Chronos Wealth Management LLC Purchases New Holdings in Devon Energy Co. (NYSE:DVN)

Chronos Wealth Management LLC acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,325 shares of the energy company’s stock, valued at approximately $237,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of DVN. Hurley Capital LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy during the 4th quarter valued at $28,000. Cromwell Holdings LLC boosted its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the 4th quarter worth $43,000. Finally, Thompson Investment Management Inc. increased its position in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Citigroup reduced their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Mizuho lowered their price target on Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Raymond James set a $40.00 price objective on Devon Energy in a research note on Monday, April 21st. Finally, Cowen downgraded shares of Devon Energy to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Trading Up 2.8%

Shares of NYSE:DVN opened at $32.02 on Wednesday. The company has a 50 day moving average of $31.43 and a 200-day moving average of $33.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market cap of $20.56 billion, a P/E ratio of 7.02, a P/E/G ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $49.35.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the previous year, the firm earned $1.16 EPS. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

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.