44 Wealth Management LLC Increases Stock Position in Devon Energy Corporation (NYSE:DVN)

44 Wealth Management LLC grew its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 31.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,944 shares of the energy company's stock after purchasing 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.

Other hedge funds have also recently made changes to their positions in the company. Hurley Capital LLC purchased a new position in Devon Energy in the fourth quarter worth $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy in the fourth quarter worth $28,000. Rakuten Securities Inc. raised its stake in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares during the last quarter. Salem Investment Counselors Inc. raised its stake in shares of Devon Energy by 46.7% during the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Devon Energy during the first quarter valued at about $56,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Royal Bank Of Canada reduced their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Susquehanna reduced their price target on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Citigroup reduced their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $43.50.

Devon Energy Price Performance

Shares of DVN stock traded down $0.16 on Monday, hitting $33.07. 771,867 shares of the stock traded hands, compared to its average volume of 8,827,443. The firm has a market cap of $21.23 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 2.49 and a beta of 1.02. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $49.35. The firm has a 50 day simple moving average of $32.40 and a two-hundred day simple moving average of $33.44. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm 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 firm's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 earnings per share. As a group, equities research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors 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 dividend on an annualized basis and a dividend yield of 2.90%. Devon Energy's dividend payout ratio is presently 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.