Lake Street Advisors Group LLC Invests $2.11 Million in Devon Energy Co. (NYSE:DVN)

Lake Street Advisors Group LLC bought a new stake in Devon Energy Co. (NYSE:DVN) during the 1st quarter, Holdings Channel reports. The institutional investor bought 42,108 shares of the energy company’s stock, valued at approximately $2,113,000.

Several other large investors have also recently bought and sold shares of DVN. Manchester Capital Management LLC purchased a new position in Devon Energy in the fourth quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the first quarter valued at $30,000. Jones Financial Companies Lllp increased its holdings in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. PFS Partners LLC purchased a new position in Devon Energy in the fourth quarter valued at $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy in the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock traded down $0.38 during midday trading on Wednesday, reaching $45.58. 5,266,290 shares of the company traded hands, compared to its average volume of 7,220,170. The firm’s 50 day simple moving average is $47.32 and its two-hundred day simple moving average is $47.11. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. 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 cap of $28.81 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 1.20 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted 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. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm earned $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.93%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Sanford C. Bernstein dropped their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. UBS Group raised their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Mizuho raised their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Finally, Citigroup raised their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.13.

Devon Energy 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.