Verdence Capital Advisors LLC Takes $368,000 Position in Devon Energy Co. (NYSE:DVN)

Verdence Capital Advisors LLC acquired a new position in Devon Energy Co. (NYSE:DVN) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 9,395 shares of the energy company’s stock, valued at approximately $368,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sei Investments Co. boosted its stake in shares of Devon Energy by 3.6% during the first quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock valued at $11,462,000 after purchasing an additional 7,931 shares during the period. NorthRock Partners LLC bought a new stake in Devon Energy in the 1st quarter worth $230,000. Russell Investments Group Ltd. grew its holdings in Devon Energy by 62.3% in the 1st quarter. Russell Investments Group Ltd. now owns 701,950 shares of the energy company’s stock worth $35,222,000 after acquiring an additional 269,319 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Devon Energy by 28.3% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 22,975 shares of the energy company’s stock valued at $1,153,000 after acquiring an additional 5,074 shares during the period. Finally, Patton Fund Management Inc. bought a new position in shares of Devon Energy during the first quarter valued at about $245,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DVN. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Mizuho decreased 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 cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Finally, Barclays reduced their price objective on shares of 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 analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.80.

Devon Energy Price Performance

DVN stock opened at $38.96 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.03 and a current ratio of 1.11. The firm has a market capitalization of $25.59 billion, a price-to-earnings ratio of 7.23, a PEG ratio of 1.21 and a beta of 2.03. The firm has a 50 day moving average price of $40.36 and a 200-day moving average price of $44.69. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $1.65 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.89 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.26%. Devon Energy’s dividend payout ratio is 16.33%.

Devon Energy 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.