44 Wealth Management LLC Purchases 8,605 Shares of Devon Energy Corporation (NYSE:DVN)

44 Wealth Management LLC grew its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 31.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,944 shares of the energy company's stock after buying an additional 8,605 shares during the period. 44 Wealth Management LLC's holdings in Devon Energy were worth $1,344,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Covestor Ltd increased its holdings in Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after acquiring an additional 345 shares during the last quarter. Horizon Investments LLC increased its holdings in Devon Energy by 4.1% in the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after acquiring an additional 347 shares during the last quarter. Tocqueville Asset Management L.P. increased its holdings in Devon Energy by 3.0% in the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after acquiring an additional 359 shares during the last quarter. Salem Investment Counselors Inc. increased its holdings in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Rakuten Securities Inc. increased its holdings in Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Susquehanna decreased their price objective on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Barclays lifted their target price on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wells Fargo & Company reduced their target price on Devon Energy from $46.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Bank of America reduced their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

Devon Energy Price Performance

Shares of DVN traded down $0.21 during trading hours on Friday, reaching $33.20. 2,849,156 shares of the company's stock traded hands, compared to its average volume of 8,858,896. The stock has a market cap of $21.32 billion, a PE 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. The firm's 50 day simple moving average is $32.40 and its 200-day simple moving average is $33.42. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35.

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

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. Devon Energy's payout ratio is 21.87%.

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.