Strategic Financial Concepts LLC Acquires Shares of 4,810 Devon Energy Co. (NYSE:DVN)

Strategic Financial Concepts LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,810 shares of the energy company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Fortis Capital Advisors LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at approximately $31,000. KB Financial Partners LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at approximately $26,000. Coppell Advisory Solutions LLC bought a new stake in Devon Energy in the 2nd quarter valued at approximately $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy in the 3rd quarter valued at approximately $27,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.72 during trading on Friday, reaching $50.18. 9,259,379 shares of the company’s stock were exchanged, compared to its average volume of 7,929,797. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $31.86 billion, a PE ratio of 8.61 and a beta of 2.18. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $56.19. The firm’s fifty day moving average price is $44.45 and its 200-day moving average price is $45.47.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 EPS. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.83 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is 15.09%.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. JPMorgan Chase & Co. upgraded Devon Energy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $57.00 to $58.00 in a research note on Wednesday, December 6th. Stifel Nicolaus cut their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Citigroup boosted their target price on Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Morgan Stanley boosted their target price on Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Company 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.