Wakefield Asset Management LLLP Buys Shares of 46,959 Devon Energy Corporation (NYSE:DVN)

Wakefield Asset Management LLLP bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 46,959 shares of the energy company's stock, valued at approximately $1,756,000.

Several other large investors have also made changes to their positions in the company. Venturi Wealth Management LLC raised its holdings in shares of Devon Energy by 34.8% during the first quarter. Venturi Wealth Management LLC now owns 5,661 shares of the energy company's stock valued at $212,000 after buying an additional 1,463 shares during the last quarter. SYM FINANCIAL Corp bought a new stake in Devon Energy during the first quarter worth approximately $327,000. Y Intercept Hong Kong Ltd acquired a new position in Devon Energy in the first quarter worth approximately $2,935,000. Choreo LLC grew its position in Devon Energy by 5.7% in the first quarter. Choreo LLC now owns 17,445 shares of the energy company's stock worth $653,000 after buying an additional 944 shares during the last quarter. Finally, Financial Sense Advisors Inc. acquired a new position in Devon Energy in the first quarter worth approximately $907,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.5%

Shares of Devon Energy stock opened at $32.85 on Wednesday. The firm has a fifty day moving average of $32.77 and a two-hundred day moving average of $33.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The company has a market cap of $21.09 billion, a P/E ratio of 7.48, a PEG ratio of 2.32 and a beta of 1.02. Devon Energy Corporation has a one year low of $25.89 and a one year high of $47.44.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The company's revenue for the quarter was up 23.8% on a year-over-year basis. On average, 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 announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.92%. Devon Energy's dividend payout ratio (DPR) is currently 21.87%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research reports. 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. UBS Group increased their price target on shares of Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and set a $46.00 price objective (up from $44.00) on shares of Devon Energy in a research note on Tuesday, July 15th. Bank of America reduced their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Finally, Jefferies Financial Group increased their target price on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average 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.

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