13,757 Shares in Devon Energy Corporation (NYSE:DVN) Bought by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd has acquired a new stake in Devon Energy Corporation, purchasing 13,757 shares valued at approximately $515,000 during the first quarter.
• Analysts have given Devon Energy an average rating of "Moderate Buy" with a price target of $43.85, reflecting confidence in the company's potential performance.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.84% and a payout ratio of 21.87%.

Harvest Fund Management Co. Ltd purchased a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,757 shares of the energy company's stock, valued at approximately $515,000.

A number of other institutional investors also recently bought and sold shares of DVN. Covestor Ltd boosted its holdings in Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after purchasing an additional 345 shares in the last quarter. Whittier Trust Co. boosted its holdings in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares in the last quarter. Hager Investment Management Services LLC grew its position in shares of Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after buying an additional 380 shares during the last quarter. Private Advisor Group LLC raised its stake in Devon Energy by 0.4% during the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after acquiring an additional 386 shares in the last quarter. Finally, Sierra Ocean LLC lifted its position in Devon Energy by 29.4% in the first quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock valued at $64,000 after acquiring an additional 388 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Barclays lifted their target price on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group upped their price target on shares of Devon Energy from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, Jefferies Financial Group raised their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $43.85.

Devon Energy Stock Performance

Shares of DVN stock opened at $33.77 on Thursday. The stock has a fifty day moving average price of $32.86 and a 200 day moving average price of $33.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The stock has a market cap of $21.68 billion, a PE ratio of 7.69, a P/E/G ratio of 1.94 and a beta of 1.02. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $47.44.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. Devon Energy's revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 earnings per share. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.84%. Devon Energy's dividend payout ratio is currently 21.87%.

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.

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