Manning & Napier Advisors LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Manning & Napier Advisors LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, Holdings Channel.com reports. The fund purchased 40,814 shares of the energy company’s stock, valued at approximately $1,336,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after acquiring an additional 253 shares in the last quarter. Modus Advisors LLC raised its position in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after purchasing an additional 272 shares during the period. Hazlett Burt & Watson Inc. raised its position in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the period. Sfmg LLC raised its position in shares of Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in shares of Devon Energy by 4.0% in the third quarter. Hexagon Capital Partners LLC now owns 8,001 shares of the energy company’s stock valued at $313,000 after purchasing an additional 310 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.1 %

Shares of Devon Energy stock opened at $35.04 on Friday. The company has a market capitalization of $23.02 billion, a price-to-earnings ratio of 6.50, a PEG ratio of 1.21 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The firm’s 50-day moving average price is $35.00 and its two-hundred day moving average price is $39.64.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts forecast that Devon Energy Co. will post 4.7 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.51%. Devon Energy’s payout ratio is currently 16.33%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research analyst reports. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Scotiabank dropped their price objective on shares of 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. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Tuesday, January 14th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $49.45.

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.