Gilliland Jeter Wealth Management LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Gilliland Jeter Wealth Management LLC purchased a new position in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,562 shares of the energy company’s stock, valued at approximately $1,430,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kovack Advisors Inc. boosted its holdings in Devon Energy by 159.6% in the fourth quarter. Kovack Advisors Inc. now owns 42,775 shares of the energy company’s stock worth $1,938,000 after acquiring an additional 26,295 shares in the last quarter. Bryn Mawr Capital Management LLC bought a new position in Devon Energy in the fourth quarter worth approximately $363,000. Syon Capital LLC raised its stake in shares of Devon Energy by 5.6% in the fourth quarter. Syon Capital LLC now owns 14,957 shares of the energy company’s stock worth $678,000 after purchasing an additional 791 shares during the last quarter. Yacktman Asset Management LP raised its stake in shares of Devon Energy by 6.9% in the fourth quarter. Yacktman Asset Management LP now owns 3,253,163 shares of the energy company’s stock worth $147,368,000 after purchasing an additional 208,944 shares during the last quarter. Finally, Pittenger & Anderson Inc. raised its stake in shares of Devon Energy by 2,222.2% in the fourth quarter. Pittenger & Anderson Inc. now owns 2,090 shares of the energy company’s stock worth $95,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.10 during trading hours on Friday, reaching $52.71. The company had a trading volume of 4,618,432 shares, compared to its average volume of 6,726,952. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The business has a fifty day simple moving average of $48.88 and a 200 day simple moving average of $46.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market cap of $33.47 billion, a PE ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping 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 firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company earned $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts anticipate that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

Analysts Set New Price Targets

Several analysts have recently commented on DVN shares. Susquehanna increased their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. increased their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Raymond James decreased their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Finally, Scotiabank increased their price target 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. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Company 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.