Harvest Fund Management Co. Ltd Buys Shares of 13,757 Devon Energy Corporation (NYSE:DVN)

Harvest Fund Management Co. Ltd purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the first quarter, HoldingsChannel reports. The fund purchased 13,757 shares of the energy company’s stock, valued at approximately $515,000.

A number of other institutional investors have also modified their holdings of DVN. Allstate Corp acquired a new position in Devon Energy in the 4th quarter valued at $571,000. Arrowstreet Capital Limited Partnership grew its position in shares of Devon Energy by 8.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,319,188 shares of the energy company’s stock valued at $43,177,000 after purchasing an additional 101,696 shares during the period. Alliancebernstein L.P. increased its stake in Devon Energy by 0.8% in the fourth quarter. Alliancebernstein L.P. now owns 929,222 shares of the energy company’s stock valued at $30,413,000 after purchasing an additional 7,494 shares during the last quarter. Summit Financial LLC lifted its position in Devon Energy by 168.4% during the fourth quarter. Summit Financial LLC now owns 32,159 shares of the energy company’s stock worth $1,053,000 after buying an additional 20,176 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in Devon Energy by 6.2% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 21,900 shares of the energy company’s stock worth $717,000 after buying an additional 1,286 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group upped their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Monday, July 14th. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. BMO Capital Markets increased their price target on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Mizuho lowered their price objective on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, Bernstein Bank dropped their price objective on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 7th. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.85.

Devon Energy Trading Down 1.3%

DVN opened at $33.77 on Thursday. The firm’s 50 day moving average is $32.86 and its 200-day moving average is $33.49. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $47.44. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $21.68 billion, a P/E ratio of 7.69, a P/E/G ratio of 1.94 and a beta of 1.02.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Friday, June 13th. Devon Energy’s payout ratio is 21.87%.

Devon Energy Company 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.