Allstate Corp Invests $697,000 in Devon Energy Corporation $DVN

Allstate Corp bought a new stake in Devon Energy Corporation (NYSE:DVN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 19,883 shares of the energy company’s stock, valued at approximately $697,000.

Several other hedge funds also recently made changes to their positions in DVN. Woodline Partners LP lifted its position in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Devon Energy during the second quarter valued at $403,000. Farther Finance Advisors LLC raised its holdings in Devon Energy by 11.4% in the second quarter. Farther Finance Advisors LLC now owns 22,125 shares of the energy company’s stock worth $704,000 after buying an additional 2,259 shares during the last quarter. Park Avenue Securities LLC raised its holdings in Devon Energy by 13.5% in the 2nd quarter. Park Avenue Securities LLC now owns 16,574 shares of the energy company’s stock worth $527,000 after acquiring an additional 1,970 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Devon Energy in the second quarter worth $25,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research reports. Jefferies Financial Group raised their price target on Devon Energy from $33.00 to $36.00 and gave the stock a “hold” rating in a research note on Tuesday. Benchmark reissued a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Citigroup lifted their target price on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Finally, Royal Bank Of Canada set a $42.00 target price on Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.38.

Devon Energy Price Performance

Shares of DVN stock opened at $37.97 on Friday. The stock’s 50-day moving average is $36.52 and its 200 day moving average is $34.77. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $38.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The company has a market cap of $23.82 billion, a P/E ratio of 8.93, a PEG ratio of 3.42 and a beta of 0.60.

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

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is currently 22.59%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.