Devon Energy Co. (NYSE:DVN) Shares Purchased by Hennessy Advisors Inc.

Hennessy Advisors Inc. boosted its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 24.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,500 shares of the energy company's stock after buying an additional 14,200 shares during the period. Hennessy Advisors Inc.'s holdings in Devon Energy were worth $2,674,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Hurley Capital LLC acquired a new position in Devon Energy during the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy during the fourth quarter worth approximately $28,000. Cromwell Holdings LLC increased its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $43,000. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Devon Energy by 46.7% in the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after purchasing an additional 400 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Cowen lowered Devon Energy to a "hold" rating and dropped their target price for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on Devon Energy from $44.00 to $46.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. Royal Bank of Canada dropped their target price on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 14th. Williams Trading set a $50.00 price target on Devon Energy in a research note on Wednesday, March 5th. Finally, Mizuho decreased their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.71.

Devon Energy Price Performance

DVN traded up $0.76 during trading on Friday, reaching $35.09. 12,695,009 shares of the stock were exchanged, compared to its average volume of 8,729,117. The business's 50 day moving average price is $31.38 and its two-hundred day moving average price is $33.62. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $22.53 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate 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 18.14% and a return on equity of 22.52%. The business's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 earnings per share. As a group, equities research analysts anticipate 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. Investors of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.74%. Devon Energy's 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.