WESPAC Advisors LLC Buys 2,695 Shares of Devon Energy Co. (NYSE:DVN)

WESPAC Advisors LLC raised its stake in Devon Energy Co. (NYSE:DVN) by 30.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,485 shares of the energy company’s stock after acquiring an additional 2,695 shares during the period. WESPAC Advisors LLC’s holdings in Devon Energy were worth $376,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in DVN. Hazlett Burt & Watson Inc. lifted its holdings in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the last quarter. Sfmg LLC lifted its holdings in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after purchasing an additional 294 shares during the last quarter. Redwood Wealth Management Group LLC lifted its holdings in Devon Energy by 3.9% during the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after purchasing an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC lifted its holdings in Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its holdings in Devon Energy by 1.2% during the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after purchasing an additional 327 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on DVN shares. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Cowen cut Devon Energy to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Truist Financial lifted their price target on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday. Wells Fargo & Company decreased their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Barclays lifted their price target on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Stock Down 2.8 %

DVN stock opened at $37.49 on Friday. The stock’s 50 day simple moving average is $34.47 and its 200 day simple moving average is $38.35. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $24.33 billion, a P/E ratio of 8.22, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Devon Energy’s dividend payout ratio is currently 19.30%.

Devon Energy 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.