Praxis Investment Management Inc. Boosts Stock Holdings in Devon Energy Corporation (NYSE:DVN)

Praxis Investment Management Inc. lifted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 41.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,000 shares of the energy company's stock after buying an additional 13,860 shares during the quarter. Praxis Investment Management Inc.'s holdings in Devon Energy were worth $1,758,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of DVN. Resona Asset Management Co. Ltd. bought a new position in Devon Energy during the fourth quarter worth $5,967,000. Merit Financial Group LLC boosted its stake in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after acquiring an additional 15,351 shares in the last quarter. Aviva PLC boosted its stake in Devon Energy by 767.3% during the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after acquiring an additional 333,530 shares in the last quarter. Ninepoint Partners LP boosted its stake in Devon Energy by 12.5% during the fourth quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company's stock worth $14,728,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Amundi boosted its stake in Devon Energy by 2.3% during the fourth quarter. Amundi now owns 2,220,879 shares of the energy company's stock worth $78,064,000 after acquiring an additional 50,301 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Bank of America dropped their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Barclays raised their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Susquehanna dropped their price objective on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Stock Performance

NYSE DVN traded up $0.21 during trading hours on Friday, reaching $34.25. 14,983,947 shares of the company were exchanged, compared to its average volume of 8,798,081. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The business's 50 day simple moving average is $31.91 and its 200-day simple moving average is $33.51. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.99 billion, a P/E ratio of 7.80, a P/E/G ratio of 2.56 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share 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 analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. On average, equities research analysts expect that Devon Energy Corporation 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. Stockholders 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 dividend yield of 2.80%. Devon Energy's payout ratio is 21.87%.

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.