Algert Global LLC Buys 1,510 Shares of Devon Energy Co. (NYSE:DVN)

Algert Global LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 15.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,229 shares of the energy company’s stock after purchasing an additional 1,510 shares during the period. Algert Global LLC’s holdings in Devon Energy were worth $439,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. increased 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 last quarter. Victory Capital Management Inc. increased its position in shares of Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, Smead Capital Management Inc. grew its position in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after buying an additional 198,193 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several recent research reports. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Barclays reduced their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. JPMorgan Chase & Co. lowered their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Hold” and a consensus price target of $51.15.

Devon Energy Stock Up 0.3 %

Shares of DVN opened at $37.95 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.04, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 1 year low of $37.28 and a 1 year high of $55.09. The business’s 50 day simple moving average is $39.68 and its 200-day simple moving average is $43.56.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $1.65 earnings per share. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed 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 is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. 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.