Prosperity Wealth Management Inc. Buys 3,285 Shares of Devon Energy Co. (NYSE:DVN)

Prosperity Wealth Management Inc. grew its stake in Devon Energy Co. (NYSE:DVN) by 36.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 12,219 shares of the energy company’s stock after buying an additional 3,285 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in Devon Energy were worth $554,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new stake in Devon Energy in the 1st quarter worth approximately $26,000. Fortis Capital Advisors LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $31,000. KB Financial Partners LLC bought a new stake in shares of Devon Energy during the 1st quarter worth $26,000. Coppell Advisory Solutions LLC acquired a new position in Devon Energy in the 2nd quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy during the 3rd quarter worth $27,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.9 %

Devon Energy stock traded down $0.50 during mid-day trading on Wednesday, reaching $52.18. The company’s stock had a trading volume of 6,991,359 shares, compared to its average volume of 7,013,805. The business’s 50 day simple moving average is $47.30 and its 200 day simple moving average is $45.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $56.19. The company has a market capitalization of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share 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 firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the company earned $1.66 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent analyst reports. Piper Sandler dropped their price objective on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Stifel Nicolaus cut their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Raymond James reduced their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Finally, Morgan Stanley boosted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.89.

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.