Allworth Financial LP Acquires 403 Shares of Devon Energy Corporation (NYSE:DVN)

Allworth Financial LP grew its holdings in Devon Energy Corporation (NYSE:DVN) by 3.1% during the 1st quarter, HoldingsChannel reports. The firm owned 13,309 shares of the energy company’s stock after purchasing an additional 403 shares during the quarter. Allworth Financial LP’s holdings in Devon Energy were worth $498,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter worth $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy during the 4th quarter worth $28,000. Rakuten Securities Inc. grew its position in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares during the last quarter. Salem Investment Counselors Inc. grew its position in Devon Energy by 46.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company’s stock worth $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Redmont Wealth Advisors LLC bought a new stake in Devon Energy during the 1st quarter worth $56,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.2%

DVN stock opened at $33.22 on Tuesday. The stock’s 50 day simple moving average is $32.69 and its 200 day simple moving average is $33.54. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The company has a market cap of $21.33 billion, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last 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. On average, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research reports. Royal Bank Of Canada reduced their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company reduced their price objective on Devon Energy from $46.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th. Barclays boosted their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Bank of America cut their target price on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Finally, Morgan Stanley lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.79.

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.