5,531 Shares in Devon Energy Co. (NYSE:DVN) Bought by Summit Global Investments

Summit Global Investments acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,531 shares of the energy company’s stock, valued at approximately $251,000.

A number of other institutional investors also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy in the 3rd quarter worth $27,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC grew its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the period. PFS Partners LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $40,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Finally, UBS Group increased their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $58.44.

Devon Energy Stock Up 0.6 %

Devon Energy stock opened at $50.86 on Tuesday. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The business has a fifty day moving average of $49.76 and a two-hundred day moving average of $46.27. The firm has a market cap of $32.14 billion, a P/E ratio of 9.71 and a beta of 2.16. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 earnings per share. On average, analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.