Devon Energy Co. (NYSE:DVN) Shares Bought by Payden & Rygel

Payden & Rygel boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 968.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,400 shares of the energy company’s stock after buying an additional 33,900 shares during the period. Payden & Rygel’s holdings in Devon Energy were worth $1,224,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth $43,000. Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at about $52,000. Thompson Investment Management Inc. lifted its position in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after buying an additional 600 shares during the last quarter. Finally, Asset Planning Inc acquired a new position in Devon Energy in the fourth quarter valued at $54,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on DVN shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Cowen downgraded Devon Energy to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Mizuho decreased their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Barclays upped their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.17.

Devon Energy Trading Down 11.7 %

Shares of NYSE:DVN opened at $29.30 on Friday. Devon Energy Co. has a 12-month low of $29.06 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market cap of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. The business has a 50 day moving average of $35.22 and a 200-day moving average of $36.72.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

About Devon Energy

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.