Wealth Enhancement Advisory Services LLC Acquires 1,296,590 Shares of Devon Energy Co. (NYSE:DVN)

Wealth Enhancement Advisory Services LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 90.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,724,407 shares of the energy company’s stock after purchasing an additional 1,296,590 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.41% of Devon Energy worth $89,170,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter valued at approximately $35,000. Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy during the third quarter valued at $39,000. True Wealth Design LLC boosted its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. increased its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 2.0 %

NYSE:DVN traded up $0.72 on Friday, reaching $35.87. The company’s stock had a trading volume of 5,006,602 shares, compared to its average volume of 9,689,851. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The business’s 50-day moving average price is $35.67 and its two-hundred day moving average price is $40.73. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The firm has a market cap of $23.56 billion, a PE ratio of 6.65, a PEG ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.65 EPS. Equities research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Wall Street Analyst Weigh In

A number of research firms recently commented on DVN. Piper Sandler decreased their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $43.00 in a report on Thursday, November 7th. BMO Capital Markets lowered their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

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.