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

Kovack Advisors Inc. boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 23.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,728 shares of the energy company’s stock after buying an additional 9,953 shares during the period. Kovack Advisors Inc.’s holdings in Devon Energy were worth $2,646,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. Finally, Smead Capital Management Inc. raised its holdings in Devon Energy by 16.7% in the 4th quarter. Smead Capital Management Inc. now owns 3,811,292 shares of the energy company’s stock worth $172,652,000 after acquiring an additional 546,433 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.73% of the stock is currently owned by insiders.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.34 during midday trading on Thursday, reaching $48.11. 3,338,420 shares of the company were exchanged, compared to its average volume of 5,795,111. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market cap of $30.41 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 1.26 and a beta of 2.07. The business’s fifty day moving average is $48.47 and its two-hundred day moving average is $46.98. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 EPS. As a group, analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.83%. Devon Energy’s dividend payout ratio is presently 16.79%.

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target for the company. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus lifted their price target on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Royal Bank of Canada increased their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Thursday, May 9th. Finally, Truist Financial cut their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

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.