Principle Wealth Partners LLC Makes New $371,000 Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• Principle Wealth Partners LLC invested $371,000 in Devon Energy Corporation by purchasing 9,925 shares during the first quarter.
• Devon Energy's average rating stands at "Moderate Buy" with an average target price of $43.85, indicating mixed sentiments from analysts.
• The company recently announced a quarterly dividend of $0.24, resulting in an annualized dividend yield of 2.91%.

Principle Wealth Partners LLC bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 9,925 shares of the energy company's stock, valued at approximately $371,000.

Several other hedge funds have also made changes to their positions in the company. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy during the 1st quarter valued at about $26,000. Hurley Capital LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at about $26,000. Rakuten Securities Inc. grew its holdings in Devon Energy by 94.6% during 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 period. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth approximately $28,000. Finally, Hughes Financial Services LLC acquired a new stake in shares of Devon Energy in the first quarter worth approximately $38,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 3.4%

Shares of NYSE:DVN traded up $1.12 during trading on Monday, hitting $34.06. The company's stock had a trading volume of 2,785,308 shares, compared to its average volume of 9,110,637. 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 fifty-two week low of $25.89 and a fifty-two week high of $47.44. The stock's 50-day moving average price is $32.75 and its two-hundred day moving average price is $33.49. The company has a market capitalization of $21.87 billion, a PE ratio of 7.76, a PEG ratio of 1.87 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS 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 company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the previous year, the firm earned $1.16 earnings per share. The business's revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.82%. Devon Energy's dividend payout ratio is presently 21.87%.

Analyst Ratings Changes

DVN has been the topic of a number of analyst reports. Raymond James Financial reiterated an "outperform" rating and set a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. UBS Group upped their price objective on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. The Goldman Sachs Group boosted their target price on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Mizuho reduced their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $43.85.

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.