Royal Fund Management LLC Boosts Stake in Devon Energy Co. (NYSE:DVN)

Royal Fund Management LLC raised its position in Devon Energy Co. (NYSE:DVN) by 11.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,046 shares of the energy company’s stock after buying an additional 3,331 shares during the period. Royal Fund Management LLC’s holdings in Devon Energy were worth $1,452,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy in the 3rd quarter valued at about $27,000. Sound Income Strategies LLC increased its stake in Devon Energy by 60.7% in the 4th 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 increased its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $36,000. Finally, Naples Money Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on DVN shares. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Susquehanna raised their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, UBS Group raised their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.20 during mid-day trading on Friday, reaching $50.54. 8,953,763 shares of the company were exchanged, compared to its average volume of 7,073,719. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $32.09 billion, a PE ratio of 9.65 and a beta of 2.16. The company’s 50 day moving average price is $49.62 and its 200 day moving average price is $46.31.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the firm posted $1.46 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. 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 will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

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.