Alps Advisors Inc. Grows Stock Holdings in Devon Energy Corporation (NYSE:DVN)

Alps Advisors Inc. boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 6.4% in the first quarter, Holdings Channel reports. The institutional investor owned 18,686 shares of the energy company’s stock after acquiring an additional 1,131 shares during the quarter. Alps Advisors Inc.’s holdings in Devon Energy were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

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

Devon Energy Stock Down 2.2%

Shares of NYSE:DVN opened at $33.22 on Tuesday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The firm has a fifty day moving average of $32.69 and a 200 day moving average of $33.54. The firm has a market capitalization of $21.33 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08.

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 the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, June 13th. Devon Energy’s dividend payout ratio is presently 21.87%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 15th. Royal Bank Of Canada reduced their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Mizuho reduced their price target on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Morgan Stanley boosted their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, May 23rd. Finally, Bank of America reduced their price target on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.