Cliftonlarsonallen Wealth Advisors LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

Cliftonlarsonallen Wealth Advisors LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 0.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 98,546 shares of the energy company’s stock after acquiring an additional 572 shares during the quarter. Cliftonlarsonallen Wealth Advisors LLC’s holdings in Devon Energy were worth $3,225,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of DVN. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. raised its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. lifted its stake in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 1.0 %

DVN stock traded up $0.39 on Wednesday, hitting $37.57. 807,053 shares of the company were exchanged, compared to its average volume of 9,967,221. The stock has a market capitalization of $24.68 billion, a price-to-earnings ratio of 6.97, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The business’s fifty day moving average is $35.58 and its two-hundred day moving average is $40.49. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Piper Sandler decreased their price objective on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.27.

About Devon Energy

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.