Concurrent Investment Advisors LLC Buys 49,535 Shares of Devon Energy Corporation $DVN

Key Points

• Concurrent Investment Advisors LLC raised its stake in Devon Energy by 61.1% in Q4, adding 49,535 shares to hold 130,591 shares worth about $4,784,000 per its latest 13F filing.
• Devon Energy beat quarterly expectations with $0.82 EPS vs. $0.81 expected and reported $4.12 billion in revenue (down 6.4% YoY), and it pays a quarterly dividend of $0.24 (annualized $0.96, ~2.0% yield).
• Analyst sentiment is mildly positive—MarketBeat shows a consensus rating of "Moderate Buy" with an average price target of $54.14, amid mixed individual price-target revisions from firms like JPMorgan and BMO.

Concurrent Investment Advisors LLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 61.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,591 shares of the energy company's stock after acquiring an additional 49,535 shares during the period. Concurrent Investment Advisors LLC's holdings in Devon Energy were worth $4,784,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. First Horizon Corp bought a new position in Devon Energy during the 3rd quarter valued at $26,000. Ameriflex Group Inc. lifted its stake in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after acquiring an additional 702 shares in the last quarter. Accredited Wealth Management LLC boosted its position in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the last quarter. Olistico Wealth LLC purchased a new position in Devon Energy in the fourth quarter worth $31,000. Finally, Neo Ivy Capital Management purchased a new position in Devon Energy in the third quarter worth $31,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 0.0%

Shares of NYSE DVN opened at $47.93 on Monday. Devon Energy Corporation has a one year low of $29.70 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The business's fifty day moving average price is $46.64 and its 200-day moving average price is $40.02. The stock has a market capitalization of $29.77 billion, a PE ratio of 11.49, a P/E/G ratio of 0.89 and a beta of 0.47.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. The business's revenue for the quarter was down 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.81 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, March 13th. Devon Energy's dividend payout ratio is currently 23.02%.

Analyst Upgrades and Downgrades

DVN has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, January 15th. Capital One Financial cut their price objective on Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 14th. Roth Mkm reissued a "buy" rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Thursday, February 19th. Argus boosted their price objective on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, BMO Capital Markets boosted their price objective on Devon Energy from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $54.14.

Devon Energy 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.