Blume Capital Management Inc. Acquires 1,150 Shares of Devon Energy Co. (NYSE:DVN)

Blume Capital Management Inc. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 51.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,385 shares of the energy company’s stock after buying an additional 1,150 shares during the quarter. Blume Capital Management Inc.’s holdings in Devon Energy were worth $111,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Devon Energy in the fourth quarter worth about $43,000. True Wealth Design LLC raised its stake in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the period. Activest Wealth Management lifted its position in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares in the last quarter. Finally, Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $52,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of recent analyst reports. Citigroup cut shares of Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Cowen downgraded Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Mizuho cut their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.54.

Devon Energy Trading Down 2.8 %

NYSE:DVN opened at $33.79 on Friday. The stock has a market cap of $21.93 billion, a price-to-earnings ratio of 7.41, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The business’s 50-day simple moving average is $35.36 and its 200 day simple moving average is $37.47. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is presently 21.05%.

Devon Energy 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.