44 Wealth Management LLC Has $1.34 Million Stock Position in Devon Energy Corporation (NYSE:DVN)

44 Wealth Management LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 31.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,944 shares of the energy company’s stock after acquiring an additional 8,605 shares during the quarter. 44 Wealth Management LLC’s holdings in Devon Energy were worth $1,344,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $154,170,000. Fuller & Thaler Asset Management Inc. grew its position in Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the last quarter. Marshall Wace LLP increased its holdings in Devon Energy by 135.5% during the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock valued at $175,810,000 after purchasing an additional 3,090,585 shares in the last quarter. Finally, Invesco Ltd. raised its position in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE DVN opened at $33.20 on Friday. The firm’s fifty day moving average price is $32.37 and its two-hundred day moving average price is $33.40. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The firm has a market capitalization of $21.32 billion, a P/E ratio of 7.56, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the business posted $1.16 earnings per share. As a group, research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. Devon Energy’s dividend payout ratio is currently 21.87%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Susquehanna lowered their target price on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company dropped their price objective on Devon Energy from $46.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, June 16th. Mizuho dropped their price objective on Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Barclays boosted their target price on Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial set a $40.00 price target on Devon Energy in a research report on Monday, April 21st. 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.50.

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.