Devon Energy Co. (NYSE:DVN) Position Boosted by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 13.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 214,616 shares of the energy company’s stock after buying an additional 25,786 shares during the period. Devon Energy accounts for 1.4% of Pekin Hardy Strauss Inc.’s portfolio, making the stock its 8th biggest position. Pekin Hardy Strauss Inc.’s holdings in Devon Energy were worth $9,722,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $27,000. Sound Income Strategies LLC boosted its position 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 last quarter. Rise Advisors LLC boosted its position in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Devon Energy during the fourth quarter valued at $36,000. Finally, Naples Money Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter valued at $40,000. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on DVN shares. Raymond James dropped their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Morgan Stanley increased their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Finally, Susquehanna increased their target price on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $1.90 during trading on Tuesday, hitting $51.18. 7,266,351 shares of the stock traded hands, compared to its average volume of 7,812,980. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market cap of $32.50 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The company has a fifty day moving average price of $49.07 and a two-hundred day moving average price of $46.22. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.66 EPS. As a group, equities analysts predict that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

Devon Energy 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.