Financial Advisors Network Inc. Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Financial Advisors Network Inc. boosted its stake in Devon Energy Co. (NYSE:DVN) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,549 shares of the energy company’s stock after buying an additional 301 shares during the period. Financial Advisors Network Inc.’s holdings in Devon Energy were worth $251,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy in the 3rd quarter worth $27,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $28,000. Sound Income Strategies LLC raised its holdings in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the last quarter. Rise Advisors LLC raised its holdings in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the last quarter. Finally, PFS Partners LLC acquired a new stake in Devon Energy during the fourth quarter valued at $36,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Mizuho lifted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Raymond James lowered their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Barclays assumed coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective for the company. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Finally, Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $58.83.

Devon Energy Trading Down 0.4 %

DVN stock traded down $0.21 during midday trading on Thursday, reaching $48.59. The stock had a trading volume of 1,196,601 shares, compared to its average volume of 7,468,032. The business has a fifty day simple moving average of $50.86 and a two-hundred day simple moving average of $46.51. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a market cap of $30.71 billion, a price-to-earnings ratio of 9.29 and a beta of 2.15. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business posted $1.46 EPS. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Co. will post 5.21 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.81%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.