Intact Investment Management Inc. Takes $2.52 Million Position in Devon Energy Corporation (NYSE:DVN)

Intact Investment Management Inc. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 67,500 shares of the energy company's stock, valued at approximately $2,524,000.

Other hedge funds have also recently modified their holdings of the company. Hurley Capital LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $26,000. Rakuten Securities Inc. grew its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares during the period. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $28,000. Salem Investment Counselors Inc. grew its position in shares of Devon Energy by 46.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after acquiring an additional 400 shares during the period. Finally, Sound Income Strategies LLC grew its position in shares of Devon Energy by 100.1% during the 1st quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock valued at $71,000 after acquiring an additional 956 shares during the period. Institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of a number of analyst reports. Morgan Stanley lifted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Scotiabank lowered their target price on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research note on Friday, April 11th. UBS Group lowered their target price on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. The Goldman Sachs Group lifted their target price on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company lowered their target price on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

Devon Energy Stock Up 0.6%

Shares of NYSE DVN opened at $34.25 on Friday. The firm's 50-day moving average price is $31.91 and its 200-day moving average price is $33.51. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.99 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 2.56 and a beta of 1.02. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm's quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 earnings per share. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.80%. Devon Energy's payout ratio is 21.87%.

About Devon Energy

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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