Devon Energy Co. (NYSE:DVN) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 39.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,927 shares of the energy company’s stock after purchasing an additional 3,079 shares during the quarter. GAMMA Investing LLC’s holdings in Devon Energy were worth $548,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Clearbridge Investments LLC raised its position in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after buying an additional 239 shares during the last quarter. Sound Income Strategies LLC boosted its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares in the last quarter. Cullen Frost Bankers Inc. grew its holdings in Devon Energy by 5.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after acquiring an additional 271 shares during the period. S. R. Schill & Associates grew its stake in shares of Devon Energy by 3.8% during the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after purchasing an additional 282 shares during the period. Finally, Axxcess Wealth Management LLC grew its position in Devon Energy by 6.1% during the third quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock worth $238,000 after buying an additional 286 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Morgan Stanley lifted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Susquehanna boosted their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Mizuho increased their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Stock Performance

Devon Energy stock opened at $45.65 on Thursday. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market capitalization of $28.85 billion, a price-to-earnings ratio of 8.71, a price-to-earnings-growth ratio of 1.21 and a beta of 2.08. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm’s fifty day moving average price is $49.52 and its 200 day moving average price is $46.76.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the business earned $1.46 EPS. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.93%. Devon Energy’s payout ratio is currently 16.79%.

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.