Gilliland Jeter Wealth Management LLC Acquires New Shares in Devon Energy Co. (NYSE:DVN)

Gilliland Jeter Wealth Management LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 31,562 shares of the energy company’s stock, valued at approximately $1,430,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its position in Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC raised its stake in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after buying an additional 218 shares during the last quarter. MCF Advisors LLC raised its stake in Devon Energy by 9.0% during the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after buying an additional 222 shares during the last quarter. Clearbridge Investments LLC raised its stake in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after buying an additional 239 shares during the last quarter. Finally, KG&L Capital Management LLC raised its stake in Devon Energy by 4.0% during the 3rd quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock valued at $312,000 after buying an additional 250 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DVN shares. Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Scotiabank boosted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Raymond James reduced their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Finally, Mizuho reduced their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Price Performance

Devon Energy stock traded up $0.10 during mid-day trading on Friday, hitting $52.71. The stock had a trading volume of 4,618,432 shares, compared to its average volume of 6,726,952. The firm has a market capitalization of $33.47 billion, a P/E ratio of 9.04 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $48.88 and its 200 day moving average is $46.18. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its 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 net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $1.66 EPS. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) 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.