Brooklyn Investment Group Takes Position in Devon Energy Co. (NYSE:DVN)

Brooklyn Investment Group purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,555 shares of the energy company’s stock, valued at approximately $178,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Annex Advisory Services LLC lifted its holdings 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 valued at $1,311,000 after buying an additional 223 shares during the period. Versant Capital Management Inc lifted its holdings in Devon Energy by 30.4% in the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock valued at $46,000 after acquiring an additional 226 shares during the period. Archer Investment Corp boosted its position in shares of Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Devon Energy by 2.6% during the 1st quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after purchasing an additional 236 shares during the period. Finally, Institute for Wealth Management LLC. increased its holdings in shares of 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 valued at $296,000 after purchasing an additional 237 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. UBS Group decreased their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Jefferies Financial Group initiated coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Piper Sandler lifted their price objective on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Barclays decreased their target price 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. One investment 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, the company has an average rating of “Hold” and a consensus price target of $51.15.

Devon Energy Price Performance

DVN opened at $37.83 on Thursday. Devon Energy Co. has a 52-week low of $37.28 and a 52-week high of $55.09. The company has a 50 day moving average of $39.85 and a two-hundred day moving average of $43.73. The company has a market cap of $24.85 billion, a P/E ratio of 7.02, a P/E/G ratio of 1.21 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. Devon Energy’s payout ratio is currently 16.33%.

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.