Pekin Hardy Strauss Inc. Has $7.80 Million Holdings in Devon Energy Corporation (NYSE:DVN)

Pekin Hardy Strauss Inc. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 20.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 208,579 shares of the energy company's stock after purchasing an additional 35,469 shares during the period. Devon Energy accounts for 0.9% of Pekin Hardy Strauss Inc.'s holdings, making the stock its 22nd biggest position. Pekin Hardy Strauss Inc.'s holdings in Devon Energy were worth $7,801,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. bought a new position in shares of Devon Energy in the 4th quarter valued at about $5,967,000. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC grew its holdings in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after purchasing an additional 15,351 shares during the period. Aviva PLC increased its position in Devon Energy by 767.3% during the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after buying an additional 333,530 shares during the last quarter. Finally, Autumn Glory Partners LLC raised its stake in Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after buying an additional 20,000 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on DVN shares. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Barclays upped their price target on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Raymond James Financial set a $40.00 price target on Devon Energy in a report on Monday, April 21st. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $43.50.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.51 during trading hours on Monday, hitting $32.72. 7,524,949 shares of the stock were exchanged, compared to its average volume of 8,853,561. The company's fifty day simple moving average is $32.40 and its two-hundred day simple moving average is $33.44. The company has a market cap of $21.01 billion, a PE ratio of 7.45, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. 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 Corporation has a 1-year low of $25.89 and a 1-year high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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). 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 during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the business posted $1.16 EPS. The company's revenue for the quarter was up 23.8% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend yield of 2.93%. Devon Energy's dividend payout ratio (DPR) 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.