WESPAC Advisors LLC Acquires 2,695 Shares of Devon Energy Co. (NYSE:DVN)

WESPAC Advisors LLC increased its holdings in Devon Energy Co. (NYSE:DVN) by 30.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,485 shares of the energy company’s stock after acquiring an additional 2,695 shares during the period. WESPAC Advisors LLC’s holdings in Devon Energy were worth $376,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter valued at approximately $35,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the period. Cromwell Holdings LLC grew its holdings in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the period. Hazlett Burt & Watson Inc. grew its holdings in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management grew its holdings in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the period. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on DVN shares. Raymond James increased their price objective on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Barclays increased their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $48.83.

Devon Energy Trading Down 2.8 %

Shares of DVN opened at $37.49 on Friday. The firm’s 50 day simple moving average is $34.47 and its 200 day simple moving average is $38.35. The company has a market capitalization of $24.33 billion, a P/E ratio of 8.22, a P/E/G ratio of 1.20 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Sell-side 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

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.