Bard Financial Services Inc. Grows Position in Devon Energy Co. (NYSE:DVN)

Bard Financial Services Inc. raised its holdings in Devon Energy Co. (NYSE:DVN) by 39.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 28,750 shares of the energy company’s stock after acquiring an additional 8,100 shares during the quarter. Bard Financial Services Inc.’s holdings in Devon Energy were worth $1,075,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Covestor Ltd raised its holdings in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after acquiring an additional 345 shares in the last quarter. Horizon Investments LLC raised its holdings in shares of Devon Energy by 4.1% in the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company’s stock valued at $289,000 after acquiring an additional 347 shares in the last quarter. Tocqueville Asset Management L.P. increased its position in shares of Devon Energy by 3.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock valued at $401,000 after purchasing an additional 359 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Devon Energy by 14.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company’s stock valued at $102,000 after purchasing an additional 404 shares during the last quarter. Finally, Stolper Co increased its position in shares of Devon Energy by 0.3% during the 1st quarter. Stolper Co now owns 134,671 shares of the energy company’s stock valued at $5,037,000 after purchasing an additional 416 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent research reports. Mizuho reduced their price objective on Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Barclays increased their price objective on Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. Cowen lowered Devon Energy to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wall Street Zen upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Finally, Scotiabank reduced their price objective on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.71.

Devon Energy Price Performance

Shares of DVN stock opened at $33.47 on Wednesday. The firm has a market cap of $21.49 billion, a P/E ratio of 7.34, a P/E/G ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $49.35. The business’s 50 day moving average price is $31.00 and its 200-day moving average price is $33.69. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s payout ratio is 21.87%.

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.