Corigliano Investment Advisers LLC bought a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 197,495 shares of the energy company's stock, valued at approximately $6,464,000. Devon Energy accounts for 3.1% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 16th largest holding.
Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. Cornerstone Select Advisors LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $606,000. Crestline Management LP purchased a new position in Devon Energy in the fourth quarter valued at $1,871,000. BOKF NA raised its stake in Devon Energy by 3.0% in the fourth quarter. BOKF NA now owns 65,770 shares of the energy company's stock valued at $2,367,000 after buying an additional 1,929 shares in the last quarter. Brevan Howard Capital Management LP purchased a new stake in Devon Energy during the 4th quarter worth about $2,770,000. Finally, Bridgefront Capital LLC boosted its position in shares of Devon Energy by 329.2% during the 4th quarter. Bridgefront Capital LLC now owns 49,087 shares of the energy company's stock worth $1,607,000 after acquiring an additional 37,649 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages have recently weighed in on DVN. Wells Fargo & Company cut their target price on Devon Energy from $46.00 to $44.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Mizuho dropped their target price on shares of Devon Energy from $49.00 to $46.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Finally, Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. One equities 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.96.
Read Our Latest Stock Report on DVN
Devon Energy Price Performance
Shares of Devon Energy stock traded up $0.67 during trading on Friday, reaching $32.60. The company's stock had a trading volume of 6,838,502 shares, compared to its average volume of 8,567,489. The business has a 50 day moving average price of $32.55 and a 200-day moving average price of $34.75. The company has a market capitalization of $20.97 billion, a P/E ratio of 7.15, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. 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 12-month low of $25.89 and a 12-month high of $51.20.
Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the company earned $1.16 earnings per share. The business's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.
Devon Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.94%. Devon Energy's payout ratio is 21.87%.
About Devon Energy
(
Free Report)
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.
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