Headinvest LLC Increases Position in Devon Energy Co. (NYSE:DVN)

Headinvest LLC lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 51.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,670 shares of the energy company’s stock after acquiring an additional 6,700 shares during the quarter. Headinvest LLC’s holdings in Devon Energy were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DVN. Merit Financial Group LLC purchased a new position in Devon Energy in the fourth quarter valued at about $240,000. HB Wealth Management LLC raised its holdings in shares of Devon Energy by 3.8% in the 4th quarter. HB Wealth Management LLC now owns 16,043 shares of the energy company’s stock worth $525,000 after purchasing an additional 594 shares during the period. UMB Bank n.a. lifted its stake in Devon Energy by 14.3% in the fourth quarter. UMB Bank n.a. now owns 6,704 shares of the energy company’s stock valued at $219,000 after purchasing an additional 839 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Devon Energy by 28.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 4,477 shares of the energy company’s stock valued at $147,000 after purchasing an additional 980 shares during the last quarter. Finally, Ballentine Partners LLC grew its holdings in Devon Energy by 4.2% during the fourth quarter. Ballentine Partners LLC now owns 10,129 shares of the energy company’s stock valued at $332,000 after purchasing an additional 404 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Devon Energy stock opened at $31.15 on Friday. The stock has a market cap of $20.00 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.20 and a beta of 1.00. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $32.29 and a 200 day simple moving average of $34.38. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 EPS. On average, research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 3.08%. Devon Energy’s dividend payout ratio is presently 21.87%.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group lowered their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Cowen cut Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Royal Bank of Canada cut their target price on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Scotiabank lowered their price target on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Finally, Raymond James set a $40.00 price target on shares of Devon Energy in a research note on Monday, April 21st. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.