Avantax Advisory Services Inc. Raises Stake in Devon Energy Co. (NYSE:DVN)

Avantax Advisory Services Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 13.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 75,848 shares of the energy company’s stock after purchasing an additional 8,733 shares during the period. Avantax Advisory Services Inc.’s holdings in Devon Energy were worth $2,482,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Sfmg LLC lifted its holdings in Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares in the last quarter. Redwood Wealth Management Group LLC lifted its holdings in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after buying an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the last quarter. Annex Advisory Services LLC increased its position in Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after purchasing an additional 327 shares during the last quarter. Finally, Fiduciary Trust Co increased its position in Devon Energy by 3.1% in the third quarter. Fiduciary Trust Co now owns 11,074 shares of the energy company’s stock worth $433,000 after purchasing an additional 329 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Citigroup cut shares of Devon Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Cowen cut shares of Devon Energy to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Trading Up 2.1 %

NYSE DVN opened at $34.50 on Monday. The company’s 50-day moving average price is $35.38 and its 200-day moving average price is $37.27. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market cap of $22.39 billion, a PE ratio of 7.56, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.78%. Devon Energy’s dividend payout ratio 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.