Devon Energy Corporation (NYSE:DVN) Shares Bought by Philip James Wealth Mangement LLC

Philip James Wealth Mangement LLC boosted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 255.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,800 shares of the energy company's stock after purchasing an additional 73,181 shares during the period. Philip James Wealth Mangement LLC's holdings in Devon Energy were worth $3,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Hurley Capital LLC acquired a new position in Devon Energy during the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its holdings in shares of 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 acquiring an additional 405 shares during the last quarter. Accredited Wealth Management LLC purchased a new stake in Devon Energy during the 4th quarter worth about $28,000. Salem Investment Counselors Inc. raised its position in shares of Devon Energy by 46.7% in the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after buying an additional 400 shares during the last quarter. Finally, Sound Income Strategies LLC grew its stake in Devon Energy by 100.1% in the 1st quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock worth $71,000 after acquiring an additional 956 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on DVN shares. Susquehanna decreased their price objective on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Mizuho dropped their price objective on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Royal Bank Of Canada cut their price objective on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 14th. Wells Fargo & Company lowered their target price on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Finally, Bank of America dropped their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Trading Up 1.0%

NYSE:DVN opened at $32.46 on Friday. The company has a market cap of $20.84 billion, a PE ratio of 7.39, a P/E/G ratio of 2.39 and a beta of 1.02. The business's 50 day moving average is $32.17 and its two-hundred day moving average is $33.44. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last released its 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). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. On average, analysts predict 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 will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's payout ratio is 21.87%.

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.

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