Philip James Wealth Mangement LLC Buys New Stake in Devon Energy Co. (NYSE:DVN)

Philip James Wealth Mangement LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 18,328 shares of the energy company’s stock, valued at approximately $717,000.

Several other institutional investors also recently bought and sold shares of DVN. William B. Walkup & Associates Inc. acquired a new stake in shares of Devon Energy during the 2nd quarter worth $1,026,000. Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy in the 2nd quarter valued at about $711,000. New York State Teachers Retirement System boosted its position in Devon Energy by 14.2% in the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock valued at $27,573,000 after buying an additional 87,462 shares during the last quarter. CWM LLC boosted its position in Devon Energy by 73.4% in the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock valued at $1,524,000 after buying an additional 16,490 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its position in Devon Energy by 11.9% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock valued at $4,726,000 after buying an additional 12,882 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.01 during trading hours on Friday, hitting $38.90. The stock had a trading volume of 987,390 shares, compared to its average volume of 7,397,836. The stock’s fifty day simple moving average is $40.60 and its 200 day simple moving average is $44.99. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a market capitalization of $24.36 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results 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 22.60% and a return on equity of 29.14%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Devon Energy’s dividend payout ratio is presently 15.97%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DVN. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Evercore ISI reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. UBS Group reduced their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Scotiabank reduced their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $51.80.

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.