Cerity Partners LLC Raises Position in Devon Energy Co. (NYSE:DVN)

Cerity Partners LLC increased its holdings in Devon Energy Co. (NYSE:DVN) by 14.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 158,622 shares of the energy company’s stock after buying an additional 20,022 shares during the period. Cerity Partners LLC’s holdings in Devon Energy were worth $7,185,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy in the second quarter worth $25,000. Canada Pension Plan Investment Board purchased a new stake in shares of Devon Energy in the first quarter worth $26,000. KB Financial Partners LLC purchased a new stake in Devon Energy during the first quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy during the third quarter valued at about $27,000. Finally, Sound Income Strategies LLC raised its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 1.4 %

NYSE:DVN opened at $52.68 on Tuesday. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19. The company’s 50-day simple moving average is $47.08 and its 200 day simple moving average is $45.74. The firm has a market capitalization of $33.45 billion, a P/E ratio of 9.04 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 EPS. As a group, analysts forecast that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DVN. JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Stifel Nicolaus lowered their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

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.