Kingsview Wealth Management LLC Grows Stock Position in Devon Energy Corporation (NYSE:DVN)

Kingsview Wealth Management LLC raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 50.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,742 shares of the energy company's stock after buying an additional 15,712 shares during the quarter. Kingsview Wealth Management LLC's holdings in Devon Energy were worth $1,748,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Hurley Capital LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy in the first quarter valued at approximately $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. grew its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in Devon Energy in the first quarter valued at approximately $38,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.2%

Shares of DVN opened at $32.84 on Friday. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $47.51. The firm has a market cap of $21.09 billion, a P/E ratio of 7.48, a price-to-earnings-growth ratio of 2.45 and a beta of 1.02. The firm's 50-day simple moving average is $32.82 and its 200 day simple moving average is $33.55. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08.

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

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. Barclays lifted their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group lifted their target price on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, July 14th. UBS Group lifted their target price on Devon Energy from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, Citigroup reduced their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $43.67.

About Devon Energy

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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