Summit Global Investments Takes Position in Devon Energy Corporation $DVN

Summit Global Investments bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 22,331 shares of the energy company’s stock, valued at approximately $783,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. AE Wealth Management LLC boosted its position in Devon Energy by 23.3% during the third quarter. AE Wealth Management LLC now owns 19,188 shares of the energy company’s stock worth $673,000 after purchasing an additional 3,624 shares during the period. Archer Investment Corp lifted its stake in shares of Devon Energy by 1,427.3% during the 3rd quarter. Archer Investment Corp now owns 8,171 shares of the energy company’s stock valued at $286,000 after buying an additional 7,636 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in Devon Energy in the 3rd quarter worth approximately $201,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Devon Energy by 66.1% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 5,173 shares of the energy company’s stock valued at $181,000 after buying an additional 2,058 shares in the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in Devon Energy by 160.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 5,470 shares of the energy company’s stock valued at $189,000 after buying an additional 3,373 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.5%

DVN stock opened at $40.14 on Friday. The company has a market capitalization of $25.18 billion, a PE ratio of 9.44, a price-to-earnings-growth ratio of 3.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. Devon Energy Corporation has a one year low of $25.89 and a one year high of $41.31. The company’s 50 day moving average price is $36.99 and its two-hundred day moving average price is $35.02.

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

Devon Energy Announces Dividend

The business 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. The ex-dividend date was Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.4%. Devon Energy’s payout ratio is currently 22.59%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on DVN shares. Sanford C. Bernstein reduced their price target on Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Capital One Financial cut their target price on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Scotiabank lowered Devon Energy from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $47.00 to $41.00 in a report on Thursday, January 15th. Argus raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. Finally, Johnson Rice cut their price objective on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $44.76.

Devon Energy 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.