Cutter & CO Brokerage Inc. Takes Position in Devon Energy Co. (NYSE:DVN)

Cutter & CO Brokerage Inc. purchased a new position in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,758 shares of the energy company’s stock, valued at approximately $221,000.

A number of other hedge funds have also 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 about $461,857,000. EnCap Partners GP LLC acquired a new position in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in Devon Energy in the 3rd quarter valued at approximately $230,928,000. Pacer Advisors Inc. boosted its position in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 1.5 %

Devon Energy stock opened at $35.36 on Thursday. 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 company has a market capitalization of $22.95 billion, a PE ratio of 7.75, a PEG ratio of 1.20 and a beta of 1.98. The firm’s fifty day moving average is $34.73 and its 200 day moving average is $38.18. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DVN. Barclays increased their price target on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Raymond James boosted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.87.

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.