Baker Avenue Asset Management LP raised its position in Devon Energy Corporation (NYSE:DVN – Free Report) by 31.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 76,844 shares of the energy company’s stock after purchasing an additional 18,320 shares during the period. Baker Avenue Asset Management LP’s holdings in Devon Energy were worth $2,815,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC boosted its holdings in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the period. Catalyst Financial Partners LLC boosted its holdings in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after purchasing an additional 257 shares during the last quarter. Murphy Pohlad Asset Management LLC grew its stake in Devon Energy by 0.3% during the 4th quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock worth $4,159,000 after buying an additional 295 shares during the last quarter. Finally, Aprio Wealth Management LLC grew its stake in shares of Devon Energy by 4.1% during the third quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after acquiring an additional 297 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.
Devon Energy Price Performance
Shares of DVN opened at $44.14 on Friday. The firm has a fifty day moving average price of $48.03 and a 200 day moving average price of $42.36. The stock has a market cap of $27.43 billion, a PE ratio of 12.30 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a 1-year low of $30.24 and a 1-year high of $52.71.
Devon Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s payout ratio is presently 26.74%.
Insider Activity
In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.71% of the stock is owned by insiders.
Analyst Ratings Changes
A number of equities analysts recently issued reports on DVN shares. Capital One Financial reduced their target price on Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Wells Fargo & Company raised their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Evercore assumed coverage on shares of Devon Energy in a report on Friday, May 15th. They issued an “in-line” rating and a $54.00 price target for the company. Scotiabank raised their price target on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Jefferies Financial Group boosted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.85.
View Our Latest Report on Devon Energy
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.
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