Financial Advisors Network Inc. Has $251,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Financial Advisors Network Inc. increased its position in shares of Devon Energy Co. (NYSE:DVN) by 5.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,549 shares of the energy company’s stock after buying an additional 301 shares during the period. Financial Advisors Network Inc.’s holdings in Devon Energy were worth $251,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Central Valley Advisors LLC bought a new position in Devon Energy during the 4th quarter worth approximately $1,299,000. Aigen Investment Management LP bought a new stake in Devon Energy during the fourth quarter worth about $291,000. Assetmark Inc. lifted its holdings in shares of Devon Energy by 0.7% in the fourth quarter. Assetmark Inc. now owns 280,976 shares of the energy company’s stock worth $12,728,000 after acquiring an additional 1,921 shares during the last quarter. CreativeOne Wealth LLC increased its stake in shares of Devon Energy by 11.9% in the fourth quarter. CreativeOne Wealth LLC now owns 10,985 shares of the energy company’s stock valued at $498,000 after buying an additional 1,166 shares during the period. Finally, Quest Partners LLC acquired a new stake in Devon Energy during the 4th quarter valued at approximately $1,155,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.4 %

Shares of DVN stock traded down $0.21 on Thursday, reaching $48.59. 1,196,601 shares of the stock were exchanged, compared to its average volume of 7,468,032. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market cap of $30.71 billion, a P/E ratio of 9.29 and a beta of 2.15. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $50.86 and a two-hundred day moving average of $46.51.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. On average, research analysts anticipate that Devon Energy Co. will post 5.21 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analyst Ratings Changes

Several brokerages have weighed in on DVN. Stifel Nicolaus raised their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Royal Bank of Canada upped their price target on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Finally, Mizuho upped their price target on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $58.83.

Insider Activity

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.63% of the stock is owned by insiders.

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.