Applied Finance Capital Management LLC Makes New $609,000 Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• Applied Finance Capital Management LLC has acquired a new stake in Devon Energy Corporation, purchasing 16,292 shares valued at approximately $609,000 in the first quarter.
• Analysts have upgraded Devon Energy's price targets, with BMO Capital Markets raising theirs to $51.00, reflecting a positive outlook on the company's performance.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, translating to an annualized dividend yield of 2.91%.

Applied Finance Capital Management LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 16,292 shares of the energy company's stock, valued at approximately $609,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of DVN. American Century Companies Inc. boosted its holdings in Devon Energy by 12.0% during the fourth quarter. American Century Companies Inc. now owns 897,151 shares of the energy company's stock worth $29,364,000 after buying an additional 95,905 shares in the last quarter. Korea Investment CORP boosted its holdings in Devon Energy by 5.9% during the fourth quarter. Korea Investment CORP now owns 831,740 shares of the energy company's stock worth $27,223,000 after buying an additional 46,327 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Devon Energy by 15.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,225,582 shares of the energy company's stock worth $41,584,000 after buying an additional 164,336 shares in the last quarter. UniSuper Management Pty Ltd boosted its holdings in Devon Energy by 29.5% during the fourth quarter. UniSuper Management Pty Ltd now owns 72,350 shares of the energy company's stock worth $2,368,000 after buying an additional 16,481 shares in the last quarter. Finally, NEOS Investment Management LLC raised its position in Devon Energy by 30.9% during the fourth quarter. NEOS Investment Management LLC now owns 36,889 shares of the energy company's stock worth $1,207,000 after acquiring an additional 8,707 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.14 during trading on Tuesday, reaching $34.23. The stock had a trading volume of 4,278,811 shares, compared to its average volume of 9,107,071. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $47.44. The stock has a fifty day simple moving average of $32.78 and a two-hundred day simple moving average of $33.48. The firm has a market capitalization of $21.98 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 1.87 and a beta of 1.02. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

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 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The firm's quarterly revenue was up 23.8% on a year-over-year basis. As a group, analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.80%. Devon Energy's dividend payout ratio is presently 21.87%.

Analysts Set New Price Targets

DVN has been the subject of a number of research reports. 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 boosted their price objective 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. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, July 14th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $46.00 price objective (up previously from $44.00) on shares of Devon Energy in a research report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.85.

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.