Devon Energy Co. (NYSE:DVN) Shares Purchased by Horizon Investments LLC

Horizon Investments LLC raised its position in Devon Energy Co. (NYSE:DVN) by 4.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,843 shares of the energy company’s stock after buying an additional 347 shares during the quarter. Horizon Investments LLC’s holdings in Devon Energy were worth $289,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy during the third quarter worth about $8,002,000. Bridgewater Associates LP purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $9,426,000. Petrus Trust Company LTA lifted its holdings in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the period. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy during the fourth quarter worth $782,000. Finally, Fortem Financial Group LLC acquired a new position in Devon Energy during the third quarter worth $583,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Raymond James cut their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Wells Fargo & Company cut their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. JPMorgan Chase & Co. cut their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, Cowen cut Devon Energy to a “hold” rating and cut their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Price Performance

Devon Energy stock opened at $36.14 on Friday. The stock has a market capitalization of $23.46 billion, a P/E ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm’s 50-day moving average is $35.46 and its two-hundred day moving average is $37.12.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Equities analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.66%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

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.