Devon Energy Co. (NYSE:DVN) Stock Position Lifted by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 56.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 21,860 shares of the energy company’s stock after acquiring an additional 7,857 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Devon Energy were worth $715,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DVN. Capital Performance Advisors LLP acquired a new stake in Devon Energy during the third quarter valued at $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy during the 3rd quarter worth about $39,000. True Wealth Design LLC lifted its holdings in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its stake in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on DVN shares. Wells Fargo & Company reduced their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.41.

Devon Energy Stock Performance

NYSE:DVN opened at $35.33 on Tuesday. The firm’s 50-day moving average is $35.20 and its 200-day moving average is $39.78. The company has a market cap of $23.20 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 1.21 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $1.65 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.49%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

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.