Envestnet Asset Management Inc. boosted its stake in Devon Energy (NYSE:DVN) by 15.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,170 shares of the energy company’s stock after buying an additional 6,743 shares during the period. Envestnet Asset Management Inc.’s holdings in Devon Energy were worth $2,077,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Taylor Hoffman Wealth Management acquired a new stake in Devon Energy in the fourth quarter worth $102,000. NuWave Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter worth $111,000. Advisory Services Network LLC increased its position in Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after buying an additional 1,933 shares during the period. Icon Wealth Partners LLC acquired a new stake in Devon Energy in the fourth quarter worth $144,000. Finally, Sawyer & Company Inc acquired a new stake in Devon Energy in the fourth quarter worth $151,000. 82.20% of the stock is currently owned by hedge funds and other institutional investors.
DVN has been the topic of several analyst reports. Stifel Nicolaus set a $68.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Credit Suisse Group set a $50.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Cowen set a $51.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Thursday, January 18th. Piper Jaffray reaffirmed a “hold” rating and issued a $42.00 target price on shares of Devon Energy in a research report on Tuesday, January 9th. Finally, KLR Group raised Devon Energy from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the stock. Devon Energy has an average rating of “Buy” and an average target price of $45.60.
Shares of DVN stock opened at $31.45 on Monday. Devon Energy has a fifty-two week low of $28.79 and a fifty-two week high of $45.16. The stock has a market cap of $16,545.84, a P/E ratio of 49.92, a PEG ratio of 2.95 and a beta of 2.18. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73.
Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The firm had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the prior year, the business earned $0.25 EPS. The company’s quarterly revenue was up 41.8% compared to the same quarter last year. sell-side analysts predict that Devon Energy will post 1.52 EPS for the current fiscal year.
Devon Energy declared that its Board of Directors has authorized a stock buyback plan on Wednesday, March 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 annualized dividend and a yield of 1.02%. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is currently 38.10%.
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Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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