Prime Capital Investment Advisors LLC bought a new position in Devon Energy Corp (NYSE:DVN) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,760 shares of the energy company’s stock, valued at approximately $182,000.
A number of other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new stake in Devon Energy during the 4th quarter worth about $109,799,000. American Century Companies Inc. grew its position in shares of Devon Energy by 31.0% during the 4th quarter. American Century Companies Inc. now owns 6,641,322 shares of the energy company’s stock valued at $149,695,000 after acquiring an additional 1,571,861 shares during the period. Morgan Stanley grew its position in shares of Devon Energy by 105.9% during the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after acquiring an additional 1,296,801 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Devon Energy by 2,129.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock valued at $57,000 after acquiring an additional 1,217,716 shares during the period. Finally, Clearbridge Investments LLC grew its position in shares of Devon Energy by 57.3% during the 3rd quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after acquiring an additional 1,164,365 shares during the period. Institutional investors own 87.04% of the company’s stock.
DVN stock opened at $32.83 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.99 and a current ratio of 1.99. Devon Energy Corp has a 12-month low of $20.37 and a 12-month high of $46.54. The stock has a market capitalization of $14.39 billion, a P/E ratio of 25.45, a PEG ratio of 1.47 and a beta of 2.26.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 19th. The energy company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.21). Devon Energy had a return on equity of 5.73% and a net margin of 24.82%. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. As a group, analysts expect that Devon Energy Corp will post 1.66 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.10%. This is a boost from Devon Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, June 13th. Devon Energy’s payout ratio is presently 24.81%.
In other news, Director Robert H. Henry acquired 11,651 shares of the stock in a transaction that occurred on Wednesday, February 27th. The shares were bought at an average cost of $30.01 per share, for a total transaction of $349,646.51. Following the acquisition, the director now owns 21,355 shares in the company, valued at approximately $640,863.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.55% of the company’s stock.
A number of research firms have recently commented on DVN. Zacks Investment Research cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays restated a “hold” rating and set a $36.00 target price on shares of Devon Energy in a research report on Thursday, April 11th. ValuEngine upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Royal Bank of Canada cut Devon Energy from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $39.00 to $38.00 in a research report on Friday, March 1st. Finally, MKM Partners raised their target price on Devon Energy from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 21st. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $45.30.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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