U S Global Investors Inc. Acquires New Position in Devon Energy Corporation (NYSE:DVN)

U S Global Investors Inc. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,000 shares of the energy company's stock, valued at approximately $374,000.

Other institutional investors also recently bought and sold shares of the company. Resona Asset Management Co. Ltd. purchased a new stake in Devon Energy during the 4th quarter valued at about $5,967,000. Cantor Fitzgerald Investment Advisors L.P. grew its position in Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC grew its position in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after purchasing an additional 15,351 shares during the last quarter. Aviva PLC boosted its holdings in shares of Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after acquiring an additional 333,530 shares during the last quarter. Finally, Autumn Glory Partners LLC boosted its holdings in shares of Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after acquiring an additional 20,000 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DVN. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Raymond James Financial set a $40.00 price target on shares of Devon Energy in a report on Monday, April 21st. Citigroup dropped their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Friday, April 4th. The Goldman Sachs Group raised their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Barclays raised 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. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.50.

Devon Energy Price Performance

NYSE DVN opened at $32.26 on Friday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The stock has a market cap of $20.71 billion, a price-to-earnings ratio of 7.35, a PEG ratio of 2.42 and a beta of 1.02. The company's 50 day moving average is $32.21 and its two-hundred day moving average is $33.43. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

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

Devon Energy Announces Dividend

The company 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Friday, June 13th. 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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