Consolidated Planning Corp Makes New Investment in Devon Energy Co. (NYSE:DVN)

Consolidated Planning Corp purchased a new position in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 80,482 shares of the energy company’s stock, valued at approximately $3,646,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Avior Wealth Management LLC raised its stake in shares of Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after buying an additional 207 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in shares of Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares during the last quarter. MCF Advisors LLC raised its stake in shares of Devon Energy by 9.0% during the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock worth $128,000 after buying an additional 222 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Devon Energy by 2.1% during the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after buying an additional 239 shares during the last quarter. Finally, KG&L Capital Management LLC raised its stake in shares of Devon Energy by 4.0% during the third quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock worth $312,000 after buying an additional 250 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Scotiabank upped their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Royal Bank of Canada reaffirmed 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, Stifel Nicolaus upped their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Up 0.2 %

DVN traded up $0.10 during trading hours on Friday, hitting $52.71. 4,618,432 shares of the company’s stock were exchanged, compared to its average volume of 6,726,952. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock’s 50-day moving average is $48.88 and its two-hundred day moving average is $46.18. The stock has a market cap of $33.47 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. 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 (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current fiscal 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 given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

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.