Picton Mahoney Asset Management Takes Position in Devon Energy Corporation (NYSE:DVN)

Key Points

• Picton Mahoney Asset Management has acquired 98,600 shares of Devon Energy Corporation, valued at approximately $3,687,000, marking a significant investment in the company in Q1.
• Devon Energy's stock currently holds a consensus rating of "Moderate Buy" with a price target of $43.85 following several analysts' upward revisions, signaling positive market sentiment.
• The company recently announced a quarterly dividend of $0.24 per share, equating to a 2.80% yield, indicating a strong return for investors amidst its financial performance highlights.

Picton Mahoney Asset Management purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 98,600 shares of the energy company's stock, valued at approximately $3,687,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the 1st quarter worth $26,000. Hurley Capital LLC purchased a new position in Devon Energy during the 4th quarter worth $26,000. Rakuten Securities Inc. raised its position in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the last quarter. Accredited Wealth Management LLC purchased a new position in Devon Energy during the 4th quarter worth $28,000. Finally, Hughes Financial Services LLC purchased a new position in Devon Energy during the 1st quarter worth $38,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Down 1.6%

Shares of Devon Energy stock traded down $0.54 during trading on Thursday, hitting $33.22. 5,465,621 shares of the stock traded hands, compared to its average volume of 6,922,595. The stock has a market cap of $21.33 billion, a P/E ratio of 7.57, a PEG ratio of 1.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $47.44. The company has a fifty day moving average price of $32.86 and a two-hundred day moving average price of $33.49.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly 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 firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company's revenue was up 23.8% on a year-over-year basis. During the same period last year, the company earned $1.16 EPS. Equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is currently 21.87%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DVN. Royal Bank Of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. UBS Group increased their price target on shares of Devon Energy from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and issued a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. Barclays increased their price target on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Jefferies Financial Group increased their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.