Oppenheimer & Co. Inc. Acquires 69,758 Shares of Devon Energy Corporation (NYSE:DVN)

Oppenheimer & Co. Inc. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 74.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 163,355 shares of the energy company's stock after buying an additional 69,758 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Devon Energy were worth $6,109,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Stiles Financial Services Inc increased its position in Devon Energy by 4.8% during the 1st quarter. Stiles Financial Services Inc now owns 57,639 shares of the energy company's stock worth $2,155,000 after buying an additional 2,626 shares during the period. TrueMark Investments LLC acquired a new position in shares of Devon Energy in the first quarter valued at about $458,000. Flagship Harbor Advisors LLC increased its position in Devon Energy by 4.4% during the first quarter. Flagship Harbor Advisors LLC now owns 22,831 shares of the energy company's stock worth $854,000 after acquiring an additional 971 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Devon Energy by 17.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 294,858 shares of the energy company's stock worth $11,028,000 after purchasing an additional 44,601 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund raised its stake in Devon Energy by 34.0% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,112 shares of the energy company's stock worth $677,000 after purchasing an additional 4,597 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Williams Trading set a $50.00 target price on shares of Devon Energy in a research report on Wednesday, March 5th. UBS Group reduced their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Morgan Stanley raised their price objective on Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Bank of America dropped their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. reduced 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. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $43.50.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.18 during trading on Wednesday, hitting $32.17. 6,360,244 shares of the company were exchanged, compared to its average volume of 8,816,742. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $49.35. The company has a market capitalization of $20.66 billion, a P/E ratio of 7.33, a price-to-earnings-growth ratio of 2.45 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. The business's 50 day moving average is $32.07 and its 200-day moving average is $33.47.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company's revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 EPS. Equities analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed 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. This represents a $0.96 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, June 13th. 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.