Lake Street Private Wealth LLC Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Lake Street Private Wealth LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 12.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,248 shares of the energy company’s stock after buying an additional 2,268 shares during the period. Lake Street Private Wealth LLC’s holdings in Devon Energy were worth $792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Devon Energy by 9.8% during the fourth quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock worth $7,838,000 after acquiring an additional 15,384 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Devon Energy during the first quarter worth about $951,000. Gateway Investment Advisers LLC raised its position in Devon Energy by 41.8% during the first quarter. Gateway Investment Advisers LLC now owns 28,474 shares of the energy company’s stock worth $1,429,000 after acquiring an additional 8,396 shares during the last quarter. Sunbelt Securities Inc. raised its position in Devon Energy by 7.9% during the first quarter. Sunbelt Securities Inc. now owns 12,372 shares of the energy company’s stock worth $621,000 after acquiring an additional 907 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the first quarter worth about $161,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Wolfe Research began coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.53.

Devon Energy Trading Down 1.5 %

Shares of DVN stock traded down $0.61 during mid-day trading on Wednesday, reaching $39.56. The company’s stock had a trading volume of 1,444,995 shares, compared to its average volume of 7,313,163. The company’s 50 day simple moving average is $41.96 and its 200-day simple moving average is $46.05. The firm has a market capitalization of $25.00 billion, a PE ratio of 7.67, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the business earned $1.18 EPS. On average, research analysts predict that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Devon Energy 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.