Avior Wealth Management LLC Increases Holdings in Devon Energy Co. (NYSE:DVN)

Avior Wealth Management LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 50.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,629 shares of the energy company’s stock after purchasing an additional 2,223 shares during the period. Avior Wealth Management LLC’s holdings in Devon Energy were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of DVN. Coppell Advisory Solutions LLC purchased a new position in Devon Energy during the 2nd quarter valued at about $25,000. Canada Pension Plan Investment Board bought a new stake in Devon Energy during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC bought a new stake in Devon Energy during the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the 3rd quarter valued at approximately $27,000. Finally, Sound Income Strategies LLC boosted its position in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on DVN shares. Raymond James cut their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Morgan Stanley lifted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. UBS Group lifted their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, Barclays initiated coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Five 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, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $57.94.

Devon Energy Stock Performance

DVN stock opened at $51.85 on Friday. The stock has a market capitalization of $32.92 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $47.89 and its 200 day simple moving average is $45.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.66 EPS. As a group, research analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.39%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

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.