Devon Energy Corporation (NYSE:DVN) Shares Acquired by 44 Wealth Management LLC

44 Wealth Management LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 31.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Covestor Ltd raised its holdings in Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after buying an additional 345 shares during the period. Horizon Investments LLC increased its stake in Devon Energy by 4.1% in the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after purchasing an additional 347 shares during the period. Tocqueville Asset Management L.P. increased its stake in Devon Energy by 3.0% in the fourth quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after purchasing an additional 359 shares during the period. Salem Investment Counselors Inc. increased its stake in Devon Energy by 46.7% in the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after purchasing an additional 400 shares during the period. Finally, Rakuten Securities Inc. increased its stake in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 1.5%

DVN traded down $0.51 on Monday, hitting $32.72. The company had a trading volume of 7,524,949 shares, compared to its average volume of 8,853,562. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The stock has a market capitalization of $21.01 billion, a price-to-earnings ratio of 7.45, a P/E/G ratio of 2.49 and a beta of 1.02. The stock has a fifty day moving average price of $32.40 and a 200-day moving average price of $33.44. 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 for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. Devon Energy's revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 EPS. Analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

Analysts Set New Price Targets

A number of research firms have weighed in on DVN. Mizuho reduced their target price 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. Raymond James Financial set a $40.00 target price on Devon Energy in a research note on Monday, April 21st. Piper Sandler reduced their target price on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, UBS Group cut their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.