Resurgent Financial Advisors LLC Acquires 2,673 Shares of Devon Energy Co. (NYSE:DVN)

Resurgent Financial Advisors LLC grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 72.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,361 shares of the energy company’s stock after acquiring an additional 2,673 shares during the quarter. Resurgent Financial Advisors LLC’s holdings in Devon Energy were worth $319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Salem Investment Counselors Inc. lifted its position in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC increased its stake in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the last quarter. Finally, Magnolia Capital Advisors LLC raised its position in Devon Energy by 1.0% during the first quarter. Magnolia Capital Advisors LLC now owns 23,316 shares of the energy company’s stock valued at $1,208,000 after purchasing an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Mizuho upped their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target on the stock. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Bank of America reiterated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Finally, Susquehanna restated a “positive” rating and set a $65.00 price target on shares of Devon Energy in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Devon Energy Trading Down 1.8 %

NYSE:DVN traded down $0.83 during trading hours on Tuesday, hitting $45.97. The company had a trading volume of 3,358,184 shares, compared to its average volume of 7,210,371. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50-day moving average price of $47.48 and a 200 day moving average price of $47.12. The company has a market capitalization of $29.05 billion, a PE ratio of 8.84, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

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.