Summit Global Investments Has $571,000 Stake in Devon Energy Co. (NYSE:DVN)

Summit Global Investments trimmed its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 91.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 15,274 shares of the energy company's stock after selling 155,632 shares during the quarter. Summit Global Investments' holdings in Devon Energy were worth $571,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hurley Capital LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy during the 4th quarter valued at about $28,000. Cromwell Holdings LLC grew its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $43,000. Finally, Thompson Investment Management Inc. grew its stake in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after buying an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 0.6%

Shares of DVN traded down $0.18 during trading hours on Thursday, hitting $31.38. 4,917,199 shares of the stock traded hands, compared to its average volume of 8,677,453. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $49.35. The firm has a market capitalization of $20.15 billion, a PE ratio of 6.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. The business has a fifty day moving average of $31.20 and a 200-day moving average of $33.85.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly 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). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the company earned $1.16 EPS. The company's revenue was up 23.8% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's payout ratio is 21.87%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on DVN shares. Morgan Stanley boosted their target price on Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. JPMorgan Chase & Co. lowered their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Citigroup lowered their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Benchmark reiterated a "buy" rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Raymond James set a $40.00 price target on Devon Energy in a research report on Monday, April 21st. 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.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $43.71.

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.