Brooklyn Investment Group Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Brooklyn Investment Group boosted its holdings in Devon Energy Co. (NYSE:DVN) by 76.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,042 shares of the energy company’s stock after purchasing an additional 3,487 shares during the quarter. Brooklyn Investment Group’s holdings in Devon Energy were worth $263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the third quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth $230,928,000. International Assets Investment Management LLC boosted its holdings in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.98 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $24.95 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The company’s 50-day simple moving average is $35.48 and its 200-day simple moving average is $40.27.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during 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 business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.65 EPS. Equities analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date was 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 (DPR) is 16.33%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, January 14th. Barclays reduced their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.27.

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.