Park Avenue Securities LLC Buys 4,562 Shares of Devon Energy Co. (NYSE:DVN)

Park Avenue Securities LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 45.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,604 shares of the energy company’s stock after buying an additional 4,562 shares during the period. Park Avenue Securities LLC’s holdings in Devon Energy were worth $546,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. KMG Fiduciary Partners LLC raised its position in shares of Devon Energy by 9.1% in the first quarter. KMG Fiduciary Partners LLC now owns 103,657 shares of the energy company’s stock valued at $3,877,000 after purchasing an additional 8,671 shares during the period. Wedmont Private Capital bought a new stake in shares of Devon Energy during the 1st quarter worth approximately $288,000. Arkfeld Wealth Strategies L.L.C. boosted its holdings in shares of Devon Energy by 32.1% in the 1st quarter. Arkfeld Wealth Strategies L.L.C. now owns 53,388 shares of the energy company’s stock valued at $1,997,000 after purchasing an additional 12,987 shares in the last quarter. Generali Investments Management Co LLC boosted its stake in Devon Energy by 77.7% in the first quarter. Generali Investments Management Co LLC now owns 5,339 shares of the energy company’s stock valued at $200,000 after buying an additional 2,334 shares in the last quarter. Finally, Signal Advisors Wealth LLC grew its holdings in shares of Devon Energy by 11.6% during the 1st quarter. Signal Advisors Wealth LLC now owns 9,462 shares of the energy company’s stock valued at $354,000 after purchasing an additional 987 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $35.09 on Friday. 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 stock has a market capitalization of $22.53 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02. The company has a fifty day moving average of $31.38 and a 200 day moving average of $33.62. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $49.35.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio is currently 21.87%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. The Goldman Sachs Group increased their price objective on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Citigroup dropped their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price target on Devon Energy from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, May 14th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.71.

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.