Devon Energy Co. (NYSE:DVN) Shares Acquired by CacheTech Inc.

CacheTech Inc. lifted its stake in Devon Energy Co. (NYSE:DVN) by 16.0% during the third quarter, Holdings Channel reports. The institutional investor owned 60,142 shares of the energy company’s stock after acquiring an additional 8,316 shares during the quarter. CacheTech Inc.’s holdings in Devon Energy were worth $2,353,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the second quarter worth $34,000. PSI Advisors LLC grew its position in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the period. LRI Investments LLC purchased a new position in Devon Energy in the first quarter valued at $39,000. Finally, Manchester Capital Management LLC raised its position in shares of Devon Energy by 40.9% in the first quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after acquiring an additional 250 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.9 %

Shares of NYSE DVN opened at $38.32 on Friday. The stock has a market cap of $24.00 billion, a PE ratio of 6.95, a P/E/G ratio of 1.18 and a beta of 2.02. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company has a 50-day moving average of $41.04 and a 200 day moving average of $45.33.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.18 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. Devon Energy’s dividend payout ratio is presently 15.97%.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of analyst reports. Scotiabank dropped their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. JPMorgan Chase & Co. decreased their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Sanford C. Bernstein cut their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.53.

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.