Cantor Fitzgerald Investment Advisors L.P. Acquires New Shares in Devon Energy Co. (NYSE:DVN)

Cantor Fitzgerald Investment Advisors L.P. bought a new position in shares of Devon Energy Co. (NYSE:DVNFree Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 165,554 shares of the energy company’s stock, valued at approximately $7,500,000.

Several other hedge funds have also recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy during the 3rd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Sound Income Strategies LLC raised its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC lifted its stake in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. Finally, PFS Partners LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $36,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

DVN traded down $0.08 during midday trading on Friday, reaching $48.15. 4,039,375 shares of the company’s stock were exchanged, compared to its average volume of 5,924,975. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The firm has a market capitalization of $30.43 billion, a price-to-earnings ratio of 9.19 and a beta of 2.15. The business has a 50-day simple moving average of $50.87 and a two-hundred day simple moving average of $46.55. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVNGet Free Report) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the company earned $1.46 EPS. Devon Energy’s revenue was down 5.9% on a year-over-year basis. As a group, research analysts predict that Devon Energy Co. will post 5.21 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Truist Financial decreased their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. UBS Group raised their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Stifel Nicolaus upped their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Get Our Latest Research Report on Devon Energy

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.63% of the stock is currently owned by corporate insiders.

Devon Energy Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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