Catalyst Financial Partners LLC Purchases New Holdings in Devon Energy Corporation (NYSE:DVN)

Catalyst Financial Partners LLC purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,916 shares of the energy company’s stock, valued at approximately $259,000.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the period. Marshall Wace LLP grew its holdings in Devon Energy by 135.5% during the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after acquiring an additional 3,090,585 shares during the period. Invesco Ltd. boosted its position in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Devon Energy by 530.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company’s stock valued at $77,323,000 after acquiring an additional 1,739,436 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $33.22 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.33 billion, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The firm’s fifty day simple moving average is $32.69 and its two-hundred day simple moving average is $33.54. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the company posted $1.16 EPS. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. Devon Energy’s dividend payout ratio is presently 21.87%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company cut their price target on shares of Devon Energy from $46.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th. Scotiabank raised their price objective on shares of Devon Energy from $35.00 to $40.00 and gave the stock a “sector outperform” rating in a research report on Friday. Citigroup cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Raymond James Financial set a $40.00 price objective on shares of Devon Energy in a research report on Monday, April 21st. Finally, Susquehanna dropped their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.79.

Devon Energy Profile

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.