Proficio Capital Partners LLC Makes New $4.41 Million Investment in Devon Energy Co. (NYSE:DVN)

Proficio Capital Partners LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 134,782 shares of the energy company’s stock, valued at approximately $4,411,000.

Several other large investors also recently modified their holdings of the stock. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC bought a new position in shares of Devon Energy during the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Devon Energy during the third quarter worth about $230,928,000. Pacer Advisors Inc. increased its holdings in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after purchasing an additional 1,296,590 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DVN shares. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Wells Fargo & Company reduced their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, Susquehanna lifted their target price on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Stock Performance

NYSE:DVN opened at $34.23 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The firm has a market cap of $22.21 billion, a price-to-earnings ratio of 7.51, a PEG ratio of 1.20 and a beta of 1.98. The business’s fifty day moving average is $35.07 and its 200 day moving average is $37.85.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Research analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is currently 21.05%.

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.