MONECO Advisors LLC Grows Stake in Devon Energy Co. (NYSE:DVN)

MONECO Advisors LLC increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 8.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,370 shares of the energy company’s stock after purchasing an additional 1,069 shares during the quarter. MONECO Advisors LLC’s holdings in Devon Energy were worth $651,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wahed Invest LLC boosted its stake in Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after buying an additional 648 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $81,000. Slagle Financial LLC boosted its stake in Devon Energy by 105.0% during the fourth quarter. Slagle Financial LLC now owns 63,698 shares of the energy company’s stock valued at $2,886,000 after buying an additional 32,626 shares during the last quarter. Wellington Management Group LLP boosted its stake in Devon Energy by 9.8% during the fourth quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock valued at $7,838,000 after buying an additional 15,384 shares during the last quarter. Finally, Creekmur Asset Management LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $791,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 0.4 %

Shares of NYSE:DVN opened at $45.76 on Tuesday. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The business’s fifty day simple moving average is $50.02 and its 200-day simple moving average is $46.76. The company has a market capitalization of $28.92 billion, a PE ratio of 8.73 and a beta of 2.08. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business posted $1.46 EPS. The business’s revenue was down 5.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given 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 1.92%. Devon Energy’s payout ratio is 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s 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 sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DVN. Stifel Nicolaus raised their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday. Truist Financial lowered their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Citigroup increased their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.24.

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.