Devon Energy Co. (NYSE:DVN) Stake Increased by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. increased its holdings in Devon Energy Co. (NYSE:DVN) by 13.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 214,616 shares of the energy company’s stock after purchasing an additional 25,786 shares during the quarter. Devon Energy accounts for 1.4% of Pekin Hardy Strauss Inc.’s investment portfolio, making the stock its 8th biggest position. Pekin Hardy Strauss Inc.’s holdings in Devon Energy were worth $9,722,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $27,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC raised its position in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at $36,000. Finally, Naples Money Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth about $40,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DVN shares. Morgan Stanley upped their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. UBS Group raised their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Stifel Nicolaus raised their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $1.90 during midday trading on Tuesday, reaching $51.18. 7,266,351 shares of the company were exchanged, compared to its average volume of 7,812,980. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The stock has a fifty day simple moving average of $49.07 and a 200 day simple moving average of $46.22. The stock has a market cap of $32.50 billion, a P/E ratio of 8.93 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

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, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $1.66 EPS. Devon Energy’s revenue was down 3.6% on a year-over-year basis. On average, research analysts forecast that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.44%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) 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.