PFG Investments LLC Purchases 837 Shares of Devon Energy Co. (NYSE:DVN)

PFG Investments LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,917 shares of the energy company’s stock after buying an additional 837 shares during the quarter. PFG Investments LLC’s holdings in Devon Energy were worth $585,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mason & Associates Inc boosted its position in Devon Energy by 62.0% during the fourth quarter. Mason & Associates Inc now owns 13,061 shares of the energy company’s stock worth $592,000 after purchasing an additional 4,999 shares during the period. Invera Wealth Advisors LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at about $236,000. Kingswood Wealth Advisors LLC raised its stake in Devon Energy by 45.2% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 38,783 shares of the energy company’s stock valued at $1,757,000 after purchasing an additional 12,066 shares in the last quarter. Pacer Advisors Inc. raised its stake in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. Finally, Cowa LLC raised its stake in Devon Energy by 3.3% in the fourth quarter. Cowa LLC now owns 13,478 shares of the energy company’s stock valued at $611,000 after purchasing an additional 433 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $49.46 on Thursday. The stock has a market capitalization of $31.41 billion, a PE ratio of 8.48 and a beta of 2.18. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19. The business’s 50 day simple moving average is $44.27 and its 200 day simple moving average is $45.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.66 EPS. As a group, research analysts forecast that Devon Energy Co. will post 4.83 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Morgan Stanley raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $48.00 to $52.00 in a research note on Monday, December 11th. Piper Sandler dropped their price target on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Mizuho lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.38.

Devon Energy Company 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.