Crescent Grove Advisors LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Crescent Grove Advisors LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,304 shares of the energy company’s stock, valued at approximately $403,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $34,000. PSI Advisors LLC increased its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. LRI Investments LLC acquired a new stake in Devon Energy during the 1st quarter worth about $39,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Devon Energy during the third quarter valued at about $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 1.7 %

Shares of NYSE:DVN opened at $40.01 on Thursday. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a fifty day moving average price of $40.81 and a 200 day moving average price of $45.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $25.05 billion, a PE ratio of 7.42, a P/E/G ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts expect that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Analyst Ratings Changes

Several research analysts have recently weighed in on DVN shares. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Finally, Raymond James decreased their price objective on Devon Energy from $58.00 to $51.00 in a research report on Tuesday. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.15.

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.