Welch Group LLC Buys 524 Shares of Devon Energy Co. (NYSE:DVN)

Welch Group LLC grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 8.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,857 shares of the energy company’s stock after acquiring an additional 524 shares during the period. Welch Group LLC’s holdings in Devon Energy were worth $268,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. Vanguard Group Inc. grew its position in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after acquiring an additional 1,357,311 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Mizuho reduced their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. JPMorgan Chase & Co. lowered their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Stock Performance

NYSE DVN traded down $0.67 on Monday, reaching $38.52. 1,677,407 shares of the stock were exchanged, compared to its average volume of 7,309,788. The firm has a market capitalization of $24.12 billion, a PE ratio of 7.11, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company’s 50-day simple moving average is $41.62 and its two-hundred day simple moving average is $45.74. 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 (NYSE:DVN) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $1.18 EPS. Analysts expect that Devon Energy Co. will post 4.98 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.28%. Devon Energy’s dividend payout ratio is 15.97%.

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.