NewEdge Wealth LLC Invests $331,000 in Devon Energy Co. (NYSE:DVN)

NewEdge Wealth LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,318 shares of the energy company’s stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Devon Energy by 6.2% in the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley grew its stake in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 5.1% during the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares in the last quarter. Raymond James & Associates grew its stake in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Barclays began coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Price Performance

Devon Energy stock opened at $51.67 on Thursday. The firm has a 50-day moving average price of $47.51 and a 200-day moving average price of $45.82. The firm has a market capitalization of $32.81 billion, a PE ratio of 8.86 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.46.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.66 EPS. As a group, equities research analysts forecast that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

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.