Consolidated Planning Corp Buys New Stake in Devon Energy Co. (NYSE:DVN)

Consolidated Planning Corp bought a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 80,482 shares of the energy company’s stock, valued at approximately $3,646,000.

A number of other hedge funds have also recently modified their holdings of the stock. Morgan Stanley boosted its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the period. Victory Capital Management Inc. boosted its stake in Devon Energy by 5.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after purchasing an additional 411,777 shares during the period. Raymond James & Associates boosted its stake in Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after purchasing an additional 402,055 shares during the period. Northern Trust Corp boosted its stake in Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Devon Energy by 1,279.7% during the 4th 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 during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on DVN. Mizuho reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Price Performance

NYSE:DVN traded up $0.10 during mid-day trading on Friday, hitting $52.71. 4,618,432 shares of the company’s stock traded hands, compared to its average volume of 6,726,952. The company has a market cap of $33.47 billion, a PE ratio of 9.04 and a beta of 2.19. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The firm’s 50 day simple moving average is $48.88 and its 200 day simple moving average is $46.18.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping 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 quarter in the prior year, the company posted $1.66 EPS. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued 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 payout ratio is 15.09%.

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.