PFG Investments LLC Acquires 23,940 Shares of Devon Energy Co. (NYSE:DVN)

PFG Investments LLC boosted its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 185.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 36,857 shares of the energy company's stock after purchasing an additional 23,940 shares during the quarter. PFG Investments LLC's holdings in Devon Energy were worth $1,849,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in DVN. Pacer Advisors Inc. increased its holdings in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock worth $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $113,793,000. Morgan Stanley increased its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock valued at $555,567,000 after acquiring an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company's stock valued at $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock valued at $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Stifel Nicolaus boosted their price objective on Devon Energy from $65.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, April 23rd. Barclays assumed coverage on Devon Energy in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $59.00 target price on the stock. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. Truist Financial lifted their target price on Devon Energy from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Monday, April 22nd. Finally, Citigroup lifted their target price on Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.33.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.10 during midday trading on Friday, reaching $52.71. 4,618,432 shares of the company traded hands, compared to its average volume of 6,726,952. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market capitalization of $33.47 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. The firm's fifty day moving average price is $48.88 and its two-hundred day moving average price is $46.18.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $1.66 EPS. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Co. will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.34%. Devon Energy's dividend payout ratio is currently 15.09%.

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.

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