Investment Management Corp of Ontario Buys 14,925 Shares of Devon Energy Co. (NYSE:DVN)

Investment Management Corp of Ontario grew its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 71.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,809 shares of the energy company's stock after purchasing an additional 14,925 shares during the period. Investment Management Corp of Ontario's holdings in Devon Energy were worth $1,172,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Ensign Peak Advisors Inc grew its holdings in shares of Devon Energy by 208.3% during the fourth quarter. Ensign Peak Advisors Inc now owns 283,882 shares of the energy company's stock valued at $9,291,000 after purchasing an additional 191,788 shares during the last quarter. Ethic Inc. boosted its position in Devon Energy by 59.4% during the 4th quarter. Ethic Inc. now owns 54,118 shares of the energy company's stock valued at $1,771,000 after purchasing an additional 20,175 shares during the period. Deutsche Bank AG grew its stake in Devon Energy by 3.0% during the 4th quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company's stock worth $114,323,000 after buying an additional 102,725 shares during the last quarter. EP Wealth Advisors LLC increased its position in Devon Energy by 3.7% in the fourth quarter. EP Wealth Advisors LLC now owns 22,960 shares of the energy company's stock worth $751,000 after buying an additional 824 shares during the period. Finally, Corigliano Investment Advisers LLC bought a new stake in Devon Energy in the fourth quarter valued at $6,464,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DVN. Barclays lifted their price target on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reissued a "buy" rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday. Royal Bank of Canada decreased their target price on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a research report on Monday, April 14th. Finally, Scotiabank dropped their price target on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $43.83.

Devon Energy Stock Down 0.4%

Devon Energy stock traded down $0.15 during mid-day trading on Friday, hitting $33.26. 6,038,896 shares of the company's stock were exchanged, compared to its average volume of 8,584,560. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $50.24. The stock has a 50 day moving average of $32.52 and a two-hundred day moving average of $34.60. The stock has a market cap of $21.35 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.20 and a beta of 1.00. 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 (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same quarter last year, the firm posted $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. Devon Energy's payout ratio is presently 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.