Independent Solutions Wealth Management LLC Boosts Holdings in Devon Energy Corporation (NYSE:DVN)

Independent Solutions Wealth Management LLC grew its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 600.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,844 shares of the energy company's stock after acquiring an additional 58,163 shares during the quarter. Independent Solutions Wealth Management LLC's holdings in Devon Energy were worth $2,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Covestor Ltd lifted its holdings in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after acquiring an additional 345 shares during the last quarter. Horizon Investments LLC raised its position in Devon Energy by 4.1% during the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock valued at $289,000 after purchasing an additional 347 shares during the period. Tocqueville Asset Management L.P. raised its position in Devon Energy by 3.0% during the fourth quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock valued at $401,000 after purchasing an additional 359 shares during the period. Salem Investment Counselors Inc. lifted its stake in shares of Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after purchasing an additional 400 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Devon Energy by 14.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company's stock worth $102,000 after purchasing an additional 404 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Piper Sandler decreased their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Bank of America cut their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Citigroup lowered their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Susquehanna cut their price target on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, UBS Group reduced their price objective on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Devon Energy Stock Down 0.7%

Shares of DVN traded down $0.22 during mid-day trading on Friday, hitting $32.26. The company's stock had a trading volume of 6,349,431 shares, compared to its average volume of 8,839,820. 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 company's 50-day moving average is $32.21 and its 200-day moving average is $33.43. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The firm has a market capitalization of $20.71 billion, a price-to-earnings ratio of 7.35, a PEG ratio of 2.42 and a beta of 1.02.

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

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Friday, June 13th. Devon Energy's payout ratio is currently 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.