Crescent Grove Advisors LLC Invests $403,000 in Devon Energy Co. (NYSE:DVN)

Crescent Grove Advisors LLC bought a new stake in shares of Devon Energy Co. (NYSE:DVN) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 10,304 shares of the energy company’s stock, valued at approximately $403,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Annex Advisory Services LLC raised its holdings in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after buying an additional 223 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares in the last quarter. Archer Investment Corp grew its stake in shares of Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after purchasing an additional 235 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after purchasing an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. raised its position in Devon Energy by 4.0% in the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after purchasing an additional 237 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the topic of a number of recent research reports. BMO Capital Markets decreased their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Mizuho lowered their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $52.15.

Devon Energy Stock Up 1.7 %

Devon Energy stock opened at $40.01 on Thursday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $40.81 and a 200-day moving average of $45.06. The stock has a market capitalization of $25.05 billion, a PE ratio of 7.42, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 EPS. On average, equities research analysts anticipate that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.