SeaCrest Wealth Management LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

SeaCrest Wealth Management LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 4.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 23,976 shares of the energy company’s stock after purchasing an additional 1,125 shares during the period. SeaCrest Wealth Management LLC’s holdings in Devon Energy were worth $1,101,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Coppell Advisory Solutions LLC bought a new position in shares of Devon Energy during the second quarter valued at about $25,000. Canada Pension Plan Investment Board bought a new position in Devon Energy during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $27,000. Finally, Sound Income Strategies LLC increased its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of a number of analyst reports. Citigroup upped their price target on shares of Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $57.00 to $58.00 in a research report on Wednesday, December 6th. Morgan Stanley increased their target price on Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Raymond James reduced their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.72 during trading hours on Friday, hitting $50.18. The company’s stock had a trading volume of 9,259,379 shares, compared to its average volume of 7,929,797. The company has a market cap of $31.86 billion, a PE ratio of 8.61 and a beta of 2.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The business has a 50 day moving average price of $44.45 and a two-hundred day moving average price of $45.47. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the company posted $1.66 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 4.83 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 issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

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.