28,673 Shares in Devon Energy Co. (NYSE:DVN) Bought by Central Valley Advisors LLC

Central Valley Advisors LLC bought a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 28,673 shares of the energy company’s stock, valued at approximately $1,299,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Daiwa Securities Group Inc. raised its stake in Devon Energy by 4.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 53,722 shares of the energy company’s stock valued at $2,563,000 after acquiring an additional 2,431 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Devon Energy by 0.4% during the third quarter. Principal Financial Group Inc. now owns 795,678 shares of the energy company’s stock valued at $37,954,000 after purchasing an additional 3,011 shares in the last quarter. California Public Employees Retirement System lifted its holdings in Devon Energy by 1.2% in the third quarter. California Public Employees Retirement System now owns 1,191,726 shares of the energy company’s stock worth $56,845,000 after purchasing an additional 13,843 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in Devon Energy by 6.9% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,434 shares of the energy company’s stock valued at $784,000 after buying an additional 1,066 shares in the last quarter. Finally, Lmcg Investments LLC increased its stake in Devon Energy by 7.3% during the 3rd quarter. Lmcg Investments LLC now owns 43,432 shares of the energy company’s stock valued at $2,072,000 after buying an additional 2,966 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research analyst reports. Scotiabank upped their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. upped their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Mizuho lifted their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.83.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.25 during trading hours on Tuesday, hitting $49.78. 3,778,931 shares of the stock were exchanged, compared to its average volume of 7,557,327. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company’s 50 day moving average is $50.77 and its 200 day moving average is $46.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a market capitalization of $31.46 billion, a P/E ratio of 9.55 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. On average, research analysts expect that Devon Energy Co. will post 5.21 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.77%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.

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.