Tradewinds Capital Management LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 601 shares of the energy company’s stock, valued at approximately $30,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at $791,000. Wahed Invest LLC increased its stake in shares of Devon Energy by 6.3% in the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after acquiring an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Devon Energy by 39.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after acquiring an additional 55,459 shares in the last quarter. L. Roy Papp & Associates LLP bought a new stake in Devon Energy during the 4th quarter valued at $287,000. Finally, Principal Securities Inc. bought a new stake in Devon Energy during the 4th quarter valued at $702,000. Institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Susquehanna boosted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Bank of America restated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Citigroup boosted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Price Performance

DVN opened at $48.11 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market cap of $30.41 billion, a P/E ratio of 9.18, a PEG ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm has a 50-day moving average of $48.47 and a 200 day moving average of $46.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the business earned $1.46 earnings per share. On average, research analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.83%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.