M.E. Allison & CO. Inc. Invests $212,000 in Devon Energy Corporation $DVN

M.E. Allison & CO. Inc. bought a new position in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, Holdings Channel reports. The institutional investor bought 6,663 shares of the energy company’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Park Avenue Securities LLC boosted its position in Devon Energy by 45.4% during the first quarter. Park Avenue Securities LLC now owns 14,604 shares of the energy company’s stock worth $546,000 after acquiring an additional 4,562 shares during the last quarter. GAMMA Investing LLC boosted its position in Devon Energy by 64.9% during the first quarter. GAMMA Investing LLC now owns 19,428 shares of the energy company’s stock worth $727,000 after acquiring an additional 7,648 shares during the last quarter. Focus Financial Network Inc. acquired a new position in Devon Energy during the first quarter worth about $207,000. Fifth Third Bancorp boosted its position in Devon Energy by 28.5% during the first quarter. Fifth Third Bancorp now owns 35,510 shares of the energy company’s stock worth $1,328,000 after acquiring an additional 7,873 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its position in Devon Energy by 46.7% during the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company’s stock worth $47,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $32.54 on Monday. The company’s 50-day moving average is $34.53 and its two-hundred day moving average is $33.05. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The firm has a market capitalization of $20.65 billion, a price-to-earnings ratio of 7.29, a PEG ratio of 1.89 and a beta of 1.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the business posted $1.41 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DVN shares. William Blair started coverage on shares of Devon Energy in a research report on Monday, August 25th. They set an “outperform” rating on the stock. Scotiabank restated an “outperform” rating on shares of Devon Energy in a research report on Thursday. Bernstein Bank lowered their price target on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. Morgan Stanley boosted their target price on shares of Devon Energy from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Finally, Barclays decreased their target price 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. Sixteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.81.

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.