Point72 Europe London LLP Invests $3.21 Million in Devon Energy Co. (NYSE:DVN)

Point72 Europe London LLP acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 82,102 shares of the energy company’s stock, valued at approximately $3,212,000.

Several other hedge funds have also made changes to their positions in the stock. Annex Advisory Services LLC lifted its position in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. Versant Capital Management Inc boosted its stake in 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 buying an additional 226 shares in the last quarter. Archer Investment Corp increased its holdings in Devon Energy by 2.8% in the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after buying an additional 235 shares during the period. Institute for Wealth Management LLC. lifted its holdings in shares of Devon Energy by 4.0% during the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after acquiring an additional 237 shares during the period. Finally, SkyOak Wealth LLC boosted its position in shares of Devon Energy by 4.1% during the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 0.3 %

Shares of NYSE DVN opened at $37.95 on Friday. The company’s 50 day simple moving average is $39.74 and its 200 day simple moving average is $43.64. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a fifty-two week low of $37.28 and a fifty-two week high of $55.09. The firm has a market capitalization of $24.93 billion, a P/E ratio of 7.04, a P/E/G ratio of 1.20 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the company earned $1.65 EPS. On average, analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DVN shares. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Mizuho dropped their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Hold” and an average price target of $51.15.

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.