Pekin Hardy Strauss Inc. Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Pekin Hardy Strauss Inc. decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 24.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 173,110 shares of the energy company’s stock after selling 56,582 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Devon Energy were worth $5,666,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Howard Capital Management Inc. boosted its stake in Devon Energy by 12.0% during the fourth quarter. Howard Capital Management Inc. now owns 27,043 shares of the energy company’s stock valued at $885,000 after buying an additional 2,902 shares during the period. WESPAC Advisors LLC boosted its stake in Devon Energy by 30.7% during the fourth quarter. WESPAC Advisors LLC now owns 11,485 shares of the energy company’s stock valued at $376,000 after buying an additional 2,695 shares during the period. Sigma Planning Corp boosted its stake in Devon Energy by 2.2% during the fourth quarter. Sigma Planning Corp now owns 25,587 shares of the energy company’s stock valued at $837,000 after buying an additional 550 shares during the period. Outfitter Financial LLC bought a new stake in Devon Energy during the fourth quarter valued at $797,000. Finally, Bank of Stockton boosted its stake in Devon Energy by 51.4% during the fourth quarter. Bank of Stockton now owns 7,748 shares of the energy company’s stock valued at $254,000 after buying an additional 2,630 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.8 %

DVN stock opened at $37.49 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business’s 50 day moving average price is $34.47 and its two-hundred day moving average price is $38.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is currently 19.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Susquehanna lifted their price target on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday. Barclays lifted their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Citigroup dropped their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $48.83.

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.