Wealth Enhancement Advisory Services LLC Purchases 1,296,590 Shares of Devon Energy Co. (NYSE:DVN)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 90.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,724,407 shares of the energy company’s stock after acquiring an additional 1,296,590 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Devon Energy were worth $89,170,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the third quarter worth about $35,000. Future Financial Wealth Managment LLC bought a new stake in Devon Energy during the 3rd quarter valued at $39,000. True Wealth Design LLC lifted its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. grew its position in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its stake in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.72 during midday trading on Friday, hitting $35.87. The company had a trading volume of 5,006,602 shares, compared to its average volume of 9,689,851. The company has a market cap of $23.56 billion, a price-to-earnings ratio of 6.65, a PEG ratio of 1.10 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a fifty day moving average of $35.67 and a two-hundred day moving average of $40.73. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. 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 2.45%. Devon Energy’s payout ratio is 16.33%.

Analyst Ratings Changes

Several research analysts have commented on DVN shares. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a report on Thursday, December 5th. Citigroup decreased their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

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.