Moran Wealth Management LLC Purchases New Shares in Devon Energy Corporation $DVN

Moran Wealth Management LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) during the third quarter, HoldingsChannel reports. The fund acquired 31,710 shares of the energy company’s stock, valued at approximately $1,112,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc boosted its position in Devon Energy by 6.4% in the 2nd quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock valued at $8,504,000 after buying an additional 16,106 shares during the last quarter. Natixis lifted its stake in shares of Devon Energy by 101.4% during the second quarter. Natixis now owns 73,902 shares of the energy company’s stock valued at $2,351,000 after acquiring an additional 37,211 shares during the period. Stephens Inc. AR lifted its stake in shares of Devon Energy by 90.4% during the second quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock valued at $2,308,000 after acquiring an additional 34,448 shares during the period. Scott & Selber Inc. bought a new position in Devon Energy in the second quarter valued at about $2,455,000. Finally, CWM LLC increased its position in Devon Energy by 70.0% in the third quarter. CWM LLC now owns 336,861 shares of the energy company’s stock worth $11,810,000 after purchasing an additional 138,717 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 0.9%

Shares of NYSE:DVN opened at $35.76 on Friday. The company has a 50 day moving average price of $35.96 and a two-hundred day moving average price of $34.51. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The company has a market capitalization of $22.43 billion, a PE ratio of 8.41, a PEG ratio of 2.96 and a beta of 0.60. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $38.88.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The company had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the business earned $1.10 EPS. Analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, December 15th. Devon Energy’s dividend payout ratio is 22.59%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DVN. Roth Capital reissued a “buy” rating and set a $42.00 price objective on shares of Devon Energy in a report on Wednesday, December 31st. Mizuho boosted their price target on shares of Devon Energy from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley increased their price objective on shares of Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Sanford C. Bernstein lowered their target price on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and cut their price target for the company from $49.00 to $44.00 in a research note on Monday, December 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.62.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.