Future Financial Wealth Managment LLC Buys Shares of 3,200 Devon Energy Co. (NYSE:DVN)

Future Financial Wealth Managment LLC purchased a new position in Devon Energy Co. (NYSE:DVN) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,200 shares of the energy company’s stock, valued at approximately $161,000.

A number of other hedge funds also recently modified their holdings of DVN. Morgan Stanley increased its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. raised its position in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its position in Devon Energy by 16.7% during the 4th quarter. Smead Capital Management Inc. now owns 3,811,292 shares of the energy company’s stock worth $172,652,000 after acquiring an additional 546,433 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DVN. Morgan Stanley lifted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Susquehanna boosted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Royal Bank of Canada raised their price objective on Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, UBS Group raised their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Price Performance

NYSE:DVN opened at $47.02 on Friday. The company has a market cap of $29.71 billion, a P/E ratio of 8.97, a P/E/G ratio of 1.25 and a beta of 2.08. The firm’s fifty day moving average price is $48.82 and its two-hundred day moving average price is $46.87. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 EPS. Equities analysts expect that Devon Energy Co. will post 5.27 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.87%. Devon Energy’s payout ratio is currently 16.79%.

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.