Algert Global LLC Boosts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Algert Global LLC boosted its position in Devon Energy Co. (NYSE:DVN) by 17.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,719 shares of the energy company’s stock after purchasing an additional 1,466 shares during the period. Algert Global LLC’s holdings in Devon Energy were worth $461,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. CIBC Private Wealth Group LLC raised its holdings in Devon Energy by 35.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 19,208 shares of the energy company’s stock valued at $870,000 after acquiring an additional 5,004 shares during the period. Crossmark Global Holdings Inc. raised its holdings in Devon Energy by 2.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 28,312 shares of the energy company’s stock valued at $1,282,000 after acquiring an additional 772 shares during the period. Connectus Wealth LLC raised its holdings in Devon Energy by 31.3% during the 4th quarter. Connectus Wealth LLC now owns 25,169 shares of the energy company’s stock valued at $1,140,000 after acquiring an additional 5,996 shares during the period. Elo Mutual Pension Insurance Co raised its holdings in Devon Energy by 4.0% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 55,883 shares of the energy company’s stock valued at $2,531,000 after acquiring an additional 2,175 shares during the period. Finally, Keyes Stange & Wooten Wealth Management LLC bought a new stake in Devon Energy during the 4th quarter valued at $661,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several research analyst reports. Bank of America reaffirmed a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Morgan Stanley decreased their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. UBS Group decreased their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $53.79.

Devon Energy Stock Performance

NYSE DVN opened at $42.61 on Tuesday. The company has a 50-day simple moving average of $42.60 and a two-hundred day simple moving average of $46.77. 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 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market cap of $26.93 billion, a price-to-earnings ratio of 8.13, a PEG ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. On average, equities analysts forecast that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is currently 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.