Cheviot Value Management LLC Invests $3.23 Million in Devon Energy Co. (NYSE:DVN)

Cheviot Value Management LLC acquired a new position in Devon Energy Co. (NYSE:DVN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 68,115 shares of the energy company’s stock, valued at approximately $3,229,000.

Several other institutional investors have also recently made changes to their positions in DVN. Brown Advisory Inc. raised its stake in Devon Energy by 43.0% during the 4th quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock valued at $539,000 after purchasing an additional 3,573 shares during the period. TrinityPoint Wealth LLC bought a new stake in Devon Energy during the 4th quarter valued at approximately $2,068,000. Ontario Teachers Pension Plan Board bought a new stake in Devon Energy during the 4th quarter valued at approximately $399,000. US Bancorp DE raised its stake in Devon Energy by 7.6% during the 4th quarter. US Bancorp DE now owns 137,359 shares of the energy company’s stock valued at $6,222,000 after purchasing an additional 9,647 shares during the period. Finally, TCW Group Inc. bought a new stake in Devon Energy during the 4th quarter valued at approximately $463,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Wells Fargo & Company cut their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Scotiabank cut their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Bank of America restated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Finally, Morgan Stanley cut their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $41.12 on Tuesday. The stock’s fifty day moving average is $43.92 and its two-hundred day moving average is $47.27. The company has a market capitalization of $25.99 billion, a PE ratio of 7.85, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 52 week low of $39.02 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.18 EPS. As a group, analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 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.