Accel Wealth Management Raises Position in Devon Energy Co. (NYSE:DVN)

Accel Wealth Management raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 5.7% during the 4th quarter, HoldingsChannel reports. The fund owned 21,382 shares of the energy company’s stock after acquiring an additional 1,148 shares during the quarter. Accel Wealth Management’s holdings in Devon Energy were worth $969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy during the 1st quarter worth $26,000. Fortis Capital Advisors LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $31,000. KB Financial Partners LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC purchased a new position in shares of Devon Energy during the 2nd quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy during the 3rd quarter valued at $27,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.67 during mid-day trading on Wednesday, hitting $49.46. 5,578,987 shares of the company’s stock traded hands, compared to its average volume of 8,133,158. The company’s 50-day moving average is $44.27 and its two-hundred day moving average is $45.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a market capitalization of $31.41 billion, a P/E ratio of 8.48 and a beta of 2.18. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $56.19.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 EPS. On average, equities analysts anticipate that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Thursday, March 14th. Devon Energy’s dividend payout ratio is 15.09%.

Analyst Ratings Changes

A number of research analysts recently weighed in on DVN shares. Stifel Nicolaus lowered their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $57.00 to $58.00 in a research note on Wednesday, December 6th. Mizuho lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Finally, Raymond James decreased their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $55.38.

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.