Symphony Financial Ltd. Co. Increases Stake in Devon Energy Co. (NYSE:DVN)

Symphony Financial Ltd. Co. raised its position in Devon Energy Co. (NYSE:DVN) by 11.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 7,940 shares of the energy company’s stock after acquiring an additional 842 shares during the period. Symphony Financial Ltd. Co.’s holdings in Devon Energy were worth $331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy in the second quarter valued at about $25,000. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy during the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $27,000. Finally, Sound Income Strategies LLC boosted its stake 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 buying an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.5 %

Shares of DVN traded up $0.72 on Friday, hitting $50.18. 9,259,379 shares of the stock traded hands, compared to its average volume of 7,929,797. The firm has a market capitalization of $31.86 billion, a P/E ratio of 8.61 and a beta of 2.18. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $56.19. The stock’s 50 day moving average is $44.45 and its two-hundred day moving average is $45.47.

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

Devon Energy Cuts Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $57.00 to $58.00 in a research note on Wednesday, December 6th. UBS Group decreased their price target on Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, December 14th. Raymond James dropped their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Finally, Stifel Nicolaus lowered their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.19.

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.