MONECO Advisors LLC Increases Position in Devon Energy Co. (NYSE:DVN)

MONECO Advisors LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 8.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,362 shares of the energy company’s stock after buying an additional 1,063 shares during the quarter. MONECO Advisors LLC’s holdings in Devon Energy were worth $651,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in DVN. Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of Devon Energy by 2.1% in the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares in the last quarter. Sound Income Strategies LLC grew its position 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 valued at $31,000 after purchasing an additional 255 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in shares of Devon Energy by 0.8% in the third quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after purchasing an additional 256 shares in the last quarter. Finally, S. R. Schill & Associates grew its position in shares of Devon Energy by 3.8% in the fourth quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock valued at $353,000 after purchasing an additional 282 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.4 %

Devon Energy stock opened at $51.00 on Wednesday. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The stock’s fifty day simple moving average is $49.07 and its 200-day simple moving average is $46.22. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $32.39 billion, a P/E ratio of 8.78 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company earned $1.66 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. As a group, equities analysts expect that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on DVN shares. UBS Group upped their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Susquehanna upped their price objective on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.33.

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.