Proficio Capital Partners LLC Invests $4.41 Million in Devon Energy Co. (NYSE:DVN)

Proficio Capital Partners LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 134,782 shares of the energy company’s stock, valued at approximately $4,411,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE boosted its holdings in Devon Energy by 1.6% during the 3rd quarter. US Bancorp DE now owns 127,840 shares of the energy company’s stock valued at $5,001,000 after acquiring an additional 2,026 shares during the period. Stephens Inc. AR boosted its holdings in Devon Energy by 4.3% during the 3rd quarter. Stephens Inc. AR now owns 22,095 shares of the energy company’s stock valued at $864,000 after acquiring an additional 905 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in Devon Energy by 12.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 7,346 shares of the energy company’s stock valued at $290,000 after acquiring an additional 789 shares during the period. Clear Creek Financial Management LLC boosted its holdings in Devon Energy by 7.1% during the 3rd quarter. Clear Creek Financial Management LLC now owns 6,193 shares of the energy company’s stock valued at $242,000 after acquiring an additional 409 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Devon Energy by 419.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,018,139 shares of the energy company’s stock valued at $39,830,000 after acquiring an additional 822,096 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Raymond James increased their target price on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Finally, JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.87.

Devon Energy Stock Down 0.5 %

DVN stock opened at $34.23 on Wednesday. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $22.21 billion, a PE ratio of 7.51, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. The business has a 50 day moving average of $35.07 and a 200 day moving average of $37.85.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.80%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

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.