Southport Management L.L.C. Takes $367,000 Position in Devon Energy Corporation (DVN)

Southport Management L.L.C. bought a new stake in Devon Energy Corporation (NYSE:DVN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the energy company’s stock, valued at approximately $367,000. Devon Energy comprises approximately 1.0% of Southport Management L.L.C.’s portfolio, making the stock its 29th biggest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Gabelli Funds LLC raised its position in shares of Devon Energy by 3.2% in the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after purchasing an additional 15,000 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Devon Energy by 4.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock valued at $62,455,000 after purchasing an additional 87,912 shares during the period. Caymus Capital Partners L.P. bought a new position in shares of Devon Energy in the second quarter valued at approximately $16,164,000. TVR Capital Management LP raised its position in shares of Devon Energy by 121.8% in the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock valued at $7,673,000 after purchasing an additional 131,806 shares during the period. Finally, Ninepoint Partners LP bought a new position in shares of Devon Energy in the third quarter valued at approximately $6,241,000. Hedge funds and other institutional investors own 77.64% of the company’s stock.

Shares of Devon Energy Corporation (DVN) traded down $1.50 during trading on Thursday, reaching $36.88. 3,670,200 shares of the company’s stock traded hands, compared to its average volume of 4,771,343. The company has a market cap of $19,380.00, a price-to-earnings ratio of 26.29, a PEG ratio of 1.21 and a beta of 2.21. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company earned $1.89 EPS. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. sell-side analysts forecast that Devon Energy Corporation will post 1.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.65%. Devon Energy’s dividend payout ratio is presently 8.16%.

A number of equities analysts have recently commented on the stock. Citigroup reissued a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Tuesday, November 28th. Scotiabank set a $50.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research report on Saturday, November 25th. Piper Jaffray Companies reissued a “hold” rating and issued a $38.00 price target on shares of Devon Energy in a research report on Friday, November 24th. Barclays lifted their price target on shares of Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, November 20th. Finally, Stephens raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 price target on the stock in a research report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.56.

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Devon Energy Company 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).

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

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