IMS Capital Management Boosts Stake in Devon Energy Co. (NYSE:DVN)

IMS Capital Management raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,495 shares of the energy company’s stock after buying an additional 400 shares during the quarter. IMS Capital Management’s holdings in Devon Energy were worth $550,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Vanguard Group Inc. grew its position in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after purchasing an additional 1,357,311 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after purchasing an additional 964,147 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.4 %

DVN stock opened at $39.12 on Tuesday. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The business’s 50 day moving average price is $43.06 and its two-hundred day moving average price is $47.00. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market capitalization of $24.72 billion, a price-to-earnings ratio of 7.47, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

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. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 EPS. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts forecast that Devon Energy Co. will post 5.11 earnings per share for the current fiscal 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. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. Devon Energy’s payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Evercore ISI dropped their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday. Wolfe Research assumed coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Sanford C. Bernstein lowered their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.71.

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.