Allworth Financial LP Increases Stake in Devon Energy Corporation
Allworth Financial LP has raised its stake in Devon Energy Corporation (NYSE: DVN) by 3.1% in the first quarter, according to the recent disclosure with the Securities & Exchange Commission. The institutional investor now owns 13,309 shares of the energy company’s stock after acquiring an additional 403 shares during the quarter.
At the end of the reporting period, Allworth Financial LP’s holdings in Devon Energy were valued at $498,000. Various other hedge funds have also made moves in DVN shares. Proficio Capital Partners LLC, Avantax Advisory Services Inc., Commonwealth Equity Solutions LLC, Corient Private Wealth LLC, and Cibc World Markets Corp have all adjusted their positions in Devon Energy.
Wall Street Analysts’ Perspective
Several research analysts have recently shared their views on DVN shares. Piper Sandler, Mizuho, Susquehanna, and UBS Group have adjusted their price targets and ratings for Devon Energy. Despite differing opinions, the consensus remains a ‘Moderate Buy’ with a target price of $43.79.
Devon Energy Financial Performance
Devon Energy’s stock opened at $33.22 on Tuesday with a market capitalization of $21.33 billion. The company has a PE ratio of 7.57, a P/E/G ratio of 2.53, and a beta of 1.02. With a healthy balance sheet, Devon Energy has been focusing on maintaining its financial efficiency and rewarding shareholders.
Devon Energy Dividend Announcement
Devon Energy recently declared a quarterly dividend, reinforcing its commitment to shareholder value. The company’s dividend payout ratio stands at 21.87%, offering investors a yield of 2.89%.
About Devon Energy Corporation
Devon Energy Corporation, founded in 1971 and headquartered in Oklahoma City, is an independent energy company engaged in oil, natural gas, and gas liquids exploration, development, and production across various basins in the United States.
For investors interested in staying updated on Devon Energy and related industry news, MarketBeat.com offers a daily e-mail newsletter with the latest insights and analyst ratings.
