SRS Capital Advisors Inc. Purchases 11,991 Shares of Devon Energy Co. (NYSE:DVN)

SRS Capital Advisors Inc. raised its stake in Devon Energy Co. (NYSE:DVN) by 887.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,342 shares of the energy company’s stock after acquiring an additional 11,991 shares during the period. SRS Capital Advisors Inc.’s holdings in Devon Energy were worth $437,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Bridgewater Associates LP purchased a new stake in shares of Devon Energy in the third quarter worth $9,426,000. Legacy Investment Solutions LLC purchased a new stake in shares of Devon Energy in the third quarter worth $8,002,000. Petrus Trust Company LTA grew its stake in shares of Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. grew its stake in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after acquiring an additional 198,193 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Cowen cut Devon Energy to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy Stock Down 5.1 %

NYSE DVN opened at $34.37 on Tuesday. The stock’s 50-day moving average price is $35.01 and its 200-day moving average price is $37.93. The company has a market capitalization of $22.31 billion, a P/E ratio of 7.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a 52 week low of $30.39 and a 52 week 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.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 2.79%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.