CI Investments Inc. Acquires 21,300 Shares of Devon Energy Co. (DVN)

CI Investments Inc. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,513,550 shares of the energy company’s stock after purchasing an additional 21,300 shares during the period. CI Investments Inc. owned about 0.29% of Devon Energy worth $55,562,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Point View Wealth Management Inc. increased its stake in shares of Devon Energy by 1.2% during the 2nd quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after purchasing an additional 95 shares in the last quarter. Honkamp Krueger Financial Services Inc. grew its stake in Devon Energy by 1.4% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 7,048 shares of the energy company’s stock worth $225,000 after acquiring an additional 96 shares during the period. Wedbush Securities Inc. grew its stake in Devon Energy by 1.1% in the 2nd quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after acquiring an additional 99 shares during the period. Kanawha Capital Management LLC grew its stake in Devon Energy by 0.3% in the 2nd quarter. Kanawha Capital Management LLC now owns 41,726 shares of the energy company’s stock worth $1,334,000 after acquiring an additional 130 shares during the period. Finally, Pillar Pacific Capital Management LLC grew its stake in Devon Energy by 0.7% in the 2nd quarter. Pillar Pacific Capital Management LLC now owns 29,810 shares of the energy company’s stock worth $953,000 after acquiring an additional 200 shares during the period. 77.27% of the stock is owned by institutional investors and hedge funds.

DVN has been the subject of several recent analyst reports. Morgan Stanley lifted their target price on shares of Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. BMO Capital Markets set a $38.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Monday, August 28th. Citigroup Inc. lowered their target price on shares of Devon Energy from $52.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Royal Bank Of Canada set a $43.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Finally, Stifel Nicolaus set a $61.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Devon Energy currently has a consensus rating of “Buy” and an average price target of $45.89.

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Devon Energy Co. (NYSE DVN) traded down $0.70 during trading hours on Monday, hitting $39.71. 2,353,071 shares of the company traded hands, compared to its average volume of 4,803,036. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $21,000.00, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.28 and a beta of 2.22. Devon Energy Co. has a 1-year low of $28.79 and a 1-year high of $50.69.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 EPS. equities research analysts forecast that Devon Energy Co. will post 1.73 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.60%. Devon Energy’s payout ratio is 8.16%.

Devon Energy Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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