Baker Avenue Asset Management LP Increases Holdings in Devon Energy Corporation $DVN

Baker Avenue Asset Management LP raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 138.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,254 shares of the energy company’s stock after purchasing an additional 32,086 shares during the period. Baker Avenue Asset Management LP’s holdings in Devon Energy were worth $1,758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Devon Energy by 1.2% in the second quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock worth $589,399,000 after acquiring an additional 218,034 shares during the period. Northern Trust Corp raised its holdings in shares of Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after purchasing an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Devon Energy by 1.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,784,270 shares of the energy company’s stock valued at $152,188,000 after purchasing an additional 77,433 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Devon Energy by 100.0% during the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock valued at $132,051,000 after buying an additional 1,779,382 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $37.52 on Tuesday. The company has a 50 day simple moving average of $34.42 and a two-hundred day simple moving average of $33.90. The stock has a market cap of $23.53 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.89 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $38.88.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The company had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm posted $1.10 earnings per share. As a group, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.6%. Devon Energy’s dividend payout ratio is 22.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on DVN shares. Wells Fargo & Company decreased their price objective on Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Barclays lowered their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Devon Energy in a research note on Monday, December 1st. Finally, Mizuho lowered their target price on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.55.

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.