Oliver Luxxe Assets LLC Purchases 1,045 Shares of Devon Energy Co. (NYSE:DVN)

Oliver Luxxe Assets LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,963 shares of the energy company’s stock after acquiring an additional 1,045 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Devon Energy were worth $4,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Manchester Capital Management LLC acquired a new stake in Devon Energy during the fourth quarter worth approximately $28,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Rise Advisors LLC grew its stake in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the period. Jones Financial Companies Lllp grew its stake 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 acquiring an additional 374 shares during the period. Finally, PFS Partners LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $36,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of DVN traded up $0.37 during midday trading on Monday, reaching $47.77. The stock had a trading volume of 2,110,317 shares, compared to its average volume of 7,326,598. The company’s 50-day moving average is $48.73 and its 200 day moving average is $46.93. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $30.19 billion, a price-to-earnings ratio of 9.11, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 EPS. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts predict that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

DVN has been the subject of a number of research reports. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Stifel Nicolaus lifted their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Morgan Stanley boosted their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Susquehanna boosted their target price on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

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.