Kovack Advisors Inc. Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Kovack Advisors Inc. lifted its position in Devon Energy Co. (NYSE:DVN) by 159.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 42,775 shares of the energy company’s stock after buying an additional 26,295 shares during the quarter. Kovack Advisors Inc.’s holdings in Devon Energy were worth $1,938,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Avior Wealth Management LLC increased its position in Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares during the period. Cornerstone Wealth Management LLC lifted its stake in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after acquiring an additional 218 shares during the period. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after acquiring an additional 222 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Devon Energy by 2.1% during the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after acquiring an additional 239 shares during the period. Finally, KG&L Capital Management LLC raised its holdings in Devon Energy by 4.0% during the third quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock worth $312,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on DVN shares. Scotiabank boosted their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Susquehanna increased their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Mizuho reduced their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Truist Financial increased their price objective on shares of Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

DVN traded up $0.10 during trading hours on Friday, hitting $52.71. 4,618,432 shares of the stock were exchanged, compared to its average volume of 6,726,952. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The stock has a 50-day simple moving average of $48.88 and a 200-day simple moving average of $46.18. The stock has a market cap of $33.47 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.66 EPS. Analysts anticipate that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio 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.