Prosperity Wealth Management Inc. Increases Position in Devon Energy Co. (NYSE:DVN)

Prosperity Wealth Management Inc. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 36.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,219 shares of the energy company’s stock after purchasing an additional 3,285 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in Devon Energy were worth $554,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter worth approximately $26,000. Fortis Capital Advisors LLC purchased a new position in Devon Energy in the 4th quarter valued at $31,000. KB Financial Partners LLC acquired a new stake in Devon Energy during the 1st quarter worth $26,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy during the second quarter worth $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy in the third quarter worth about $27,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.50 during midday trading on Wednesday, reaching $52.18. 6,991,359 shares of the company were exchanged, compared to its average volume of 7,013,805. The stock has a fifty day simple moving average of $47.30 and a 200 day simple moving average of $45.78. 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 has a market cap of $33.13 billion, a P/E ratio of 8.95 and a beta of 2.19. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $56.19.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) 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 business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the company posted $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

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

Analyst Ratings Changes

DVN has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Mizuho dropped their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Raymond James decreased their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $57.89.

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.