Spire Wealth Management decreased its holdings in Devon Energy Co. (NYSE:DVN – Free Report) by 13.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,878 shares of the energy company’s stock after selling 1,897 shares during the quarter. Spire Wealth Management’s holdings in Devon Energy were worth $574,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Crewe Advisors LLC grew its position in Devon Energy by 16,633.3% in the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after buying an additional 499 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the first quarter worth about $26,000. KB Financial Partners LLC purchased a new position in Devon Energy during the first quarter worth about $26,000. Quintet Private Bank Europe S.A. acquired a new stake in Devon Energy in the first quarter valued at about $31,000. Finally, Fortis Capital Advisors LLC purchased a new stake in Devon Energy in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 68.34% of the company’s stock.
Wall Street Analysts Forecast Growth
DVN has been the subject of several recent analyst reports. Mizuho reduced their price target on Devon Energy from $62.00 to $58.00 and set a “buy” rating for the company in a report on Thursday, October 12th. Morgan Stanley dropped their price target on Devon Energy from $51.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 17th. Stifel Nicolaus increased their price objective on shares of Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Royal Bank of Canada cut their target price on shares of Devon Energy from $60.00 to $55.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Raymond James lowered their target price on shares of Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating for the company in a research note on Monday, July 24th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.94.
Devon Energy Trading Down 2.7 %
Shares of NYSE DVN opened at $44.30 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average price is $47.30 and its two-hundred day moving average price is $48.92. Devon Energy Co. has a 52-week low of $42.59 and a 52-week high of $71.02. The stock has a market capitalization of $28.38 billion, a P/E ratio of 7.57, a PEG ratio of 0.15 and a beta of 2.30.
Devon Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.49. Devon Energy’s dividend payout ratio is currently 13.68%.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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