Pekin Hardy Strauss Inc. Increases Stock Position in Devon Energy Corporation (NYSE:DVN)

Pekin Hardy Strauss Inc. increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 20.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 208,579 shares of the energy company's stock after acquiring an additional 35,469 shares during the period. Devon Energy makes up approximately 0.9% of Pekin Hardy Strauss Inc.'s holdings, making the stock its 22nd largest holding. Pekin Hardy Strauss Inc.'s holdings in Devon Energy were worth $7,801,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hurley Capital LLC purchased a new position in Devon Energy in the 4th quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares in the last quarter. Salem Investment Counselors Inc. boosted its stake in shares of Devon Energy by 46.7% during the 1st 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, Redmont Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the first quarter worth approximately $56,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

NYSE:DVN traded up $2.22 on Tuesday, hitting $34.90. The company had a trading volume of 16,157,895 shares, compared to its average volume of 8,870,717. The firm has a 50 day moving average of $32.43 and a two-hundred day moving average of $33.45. The stock has a market capitalization of $22.41 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 2.45 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 company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the company earned $1.16 EPS. The business's quarterly revenue was up 23.8% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.75%. Devon Energy's payout ratio is currently 21.87%.

Analysts Set New Price Targets

Several research analysts have recently commented on DVN shares. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Barclays raised their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Raymond James Financial set a $40.00 price objective on shares of Devon Energy in a report on Monday, April 21st. The Goldman Sachs Group increased their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Scotiabank reduced their price target on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

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.