Cary Street Partners Financial LLC Invests $1.66 Million in Devon Energy Co. (NYSE:DVN)

Cary Street Partners Financial LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 50,674 shares of the energy company's stock, valued at approximately $1,659,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Klein Pavlis & Peasley Financial Inc. acquired a new stake in Devon Energy in the 4th quarter valued at $782,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $5,967,000. New York State Teachers Retirement System raised its holdings in Devon Energy by 4.5% during the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock worth $24,101,000 after acquiring an additional 31,520 shares in the last quarter. First Dallas Securities Inc. grew its stake in Devon Energy by 31.9% in the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock valued at $1,725,000 after purchasing an additional 12,760 shares in the last quarter. Finally, Aviva PLC increased its position in shares of Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after purchasing an additional 333,530 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.67 during trading on Friday, reaching $32.60. 6,838,502 shares of the company traded hands, compared to its average volume of 8,567,489. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $51.20. The firm has a market capitalization of $20.97 billion, a PE ratio of 7.15, a PEG ratio of 1.20 and a beta of 1.00. The company's 50 day moving average is $32.55 and its two-hundred day moving average is $34.75.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company's quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, June 13th. Devon Energy's payout ratio is presently 21.87%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on DVN shares. Cowen cut shares of Devon Energy to a "hold" rating and decreased their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Scotiabank lowered their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research note on Friday, April 11th. Raymond James set a $40.00 target price on shares of Devon Energy in a research note on Monday, April 21st. Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. Finally, Morgan Stanley set a $47.00 price objective on Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a 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 $43.96.

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.