Guyasuta Investment Advisors Inc. purchased a new stake in shares of Devon Energy (NYSE:DVN) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 13,811 shares of the energy company’s stock, valued at approximately $439,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Taylor Hoffman Wealth Management purchased a new position in shares of Devon Energy during the fourth quarter valued at about $102,000. NuWave Investment Management LLC purchased a new stake in Devon Energy in the fourth quarter worth about $111,000. Penserra Capital Management LLC purchased a new stake in Devon Energy in the first quarter worth about $125,000. Advisory Services Network LLC grew its holdings in Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after purchasing an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC purchased a new stake in Devon Energy in the fourth quarter worth about $144,000. Institutional investors own 83.23% of the company’s stock.
A number of brokerages have weighed in on DVN. Royal Bank of Canada set a $43.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Friday, February 23rd. Jefferies Group restated a “buy” rating and issued a $52.00 price objective on shares of Devon Energy in a report on Tuesday, January 30th. Howard Weil cut shares of Devon Energy from a “focus stock” rating to a “sector outperform” rating in a report on Thursday, April 12th. Stifel Nicolaus set a $68.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. Finally, KLR Group cut shares of Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price objective on the stock. in a report on Tuesday, January 23rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. Devon Energy has a consensus rating of “Buy” and a consensus target price of $45.35.
Shares of NYSE DVN opened at $41.96 on Monday. The company has a market capitalization of $21.96 billion, a PE ratio of 66.60, a PEG ratio of 4.59 and a beta of 2.16. Devon Energy has a 52-week low of $28.79 and a 52-week high of $45.16. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 1st. The energy company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.85 billion. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. The business’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. research analysts anticipate that Devon Energy will post 1.31 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.08 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.76%. Devon Energy’s dividend payout ratio is 38.10%.
Devon Energy declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the energy company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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