Bridgewealth Advisory Group LLC Acquires New Stake in Devon Energy Co. (NYSE:DVN)

Bridgewealth Advisory Group LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,192 shares of the energy company’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Morgan Stanley increased its holdings in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares during the period. Victory Capital Management Inc. increased its holdings in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares during the period. Dimensional Fund Advisors LP increased its holdings in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. Pacer Advisors Inc. grew its holdings in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares during the period. Finally, Smead Capital Management Inc. grew its holdings 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 period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.7 %

NYSE:DVN traded up $0.33 on Monday, hitting $47.73. The stock had a trading volume of 4,480,861 shares, compared to its average volume of 7,346,412. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $30.17 billion, a P/E ratio of 9.11, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The firm’s fifty day simple moving average is $48.64 and its two-hundred day simple moving average is $46.95.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. Devon Energy’s quarterly revenue was down 5.9% compared to the same quarter last year. Analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. Devon Energy’s payout ratio is currently 16.79%.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly 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 company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DVN. Royal Bank of Canada increased their price target on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, May 9th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. Scotiabank increased their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Bank of America reissued a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Finally, Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average 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.