IFP Advisors Inc increased its stake in shares of Devon Energy Corp (NYSE:DVN) by 60.9% during the 3rd quarter, Holdings Channel reports. The fund owned 5,262 shares of the energy company’s stock after purchasing an additional 1,992 shares during the quarter. IFP Advisors Inc’s holdings in Devon Energy were worth $210,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its position in Devon Energy by 18.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock worth $382,000 after acquiring an additional 1,382 shares during the last quarter. Aperio Group LLC grew its position in Devon Energy by 0.7% during the 3rd quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock worth $8,810,000 after acquiring an additional 1,574 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in Devon Energy by 20.0% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 10,200 shares of the energy company’s stock worth $448,000 after acquiring an additional 1,700 shares during the last quarter. Financial Architects Inc grew its position in Devon Energy by 168.5% during the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Dupont Capital Management Corp grew its position in shares of Devon Energy by 37.6% in the 2nd quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock worth $282,000 after buying an additional 1,753 shares during the last quarter. Institutional investors and hedge funds own 83.77% of the company’s stock.
A number of brokerages have recently weighed in on DVN. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Tuesday, August 7th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, October 16th. Stephens set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Stifel Nicolaus set a $60.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 price objective on shares of Devon Energy in a research report on Thursday, August 16th. Six analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $49.96.
DVN opened at $32.72 on Friday. The company has a market capitalization of $16.75 billion, a PE ratio of 51.94, a PEG ratio of 1.43 and a beta of 2.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. Devon Energy Corp has a 52 week low of $29.83 and a 52 week high of $46.54.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.21. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a return on equity of 5.85% and a net margin of 16.62%. The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 EPS. As a group, research analysts expect that Devon Energy Corp will post 1.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Thursday, December 13th. Devon Energy’s payout ratio is 50.79%.
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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 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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