Salem Investment Counselors Inc. Buys 400 Shares of Devon Energy Co. (NYSE:DVN)

Salem Investment Counselors Inc. lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 46.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,257 shares of the energy company’s stock after acquiring an additional 400 shares during the period. Salem Investment Counselors Inc.’s holdings in Devon Energy were worth $47,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. Hurley Capital LLC bought a new position in Devon Energy during the 4th quarter worth about $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy during the fourth quarter worth about $28,000. Cromwell Holdings LLC raised its position in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in Devon Energy in the 4th quarter valued at approximately $43,000. Finally, Asset Planning Inc acquired a new position in Devon Energy during the 4th quarter worth approximately $54,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group raised their price objective on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Wall Street Zen upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. Finally, Scotiabank decreased their price target on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.71.

Devon Energy Price Performance

DVN stock opened at $35.09 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company’s 50-day moving average is $31.38 and its 200-day moving average is $33.62. The stock has a market capitalization of $22.53 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $49.35.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the business posted $1.16 EPS. The company’s revenue was up 23.8% on a year-over-year basis. Equities research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is currently 21.87%.

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.