Wealth Alliance Advisory Group LLC Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Wealth Alliance Advisory Group LLC grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,975 shares of the energy company’s stock after acquiring an additional 7,300 shares during the quarter. Wealth Alliance Advisory Group LLC’s holdings in Devon Energy were worth $1,326,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Devon Energy by 4.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 35,583 shares of the energy company’s stock worth $1,612,000 after buying an additional 1,367 shares during the last quarter. Mission Wealth Management LP boosted its holdings in shares of Devon Energy by 53.1% in the fourth quarter. Mission Wealth Management LP now owns 7,886 shares of the energy company’s stock worth $357,000 after buying an additional 2,735 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Devon Energy by 10.1% in the fourth quarter. Brighton Jones LLC now owns 8,008 shares of the energy company’s stock worth $363,000 after buying an additional 737 shares during the last quarter. Triumph Capital Management purchased a new position in shares of Devon Energy in the fourth quarter worth approximately $212,000. Finally, Natixis Advisors L.P. boosted its holdings in shares of Devon Energy by 31.7% in the fourth quarter. Natixis Advisors L.P. now owns 220,708 shares of the energy company’s stock worth $9,998,000 after buying an additional 53,096 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DVN. Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Morgan Stanley raised their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company decreased their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Finally, Truist Financial decreased their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Trading Down 0.5 %

Devon Energy stock opened at $44.78 on Friday. The stock has a market cap of $28.04 billion, a P/E ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The firm’s 50 day moving average price is $45.85 and its 200-day moving average price is $47.58.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the business posted $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Co. will post 5.37 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.97%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

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.