Lmcg Investments LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Lmcg Investments LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,962 shares of the energy company’s stock after purchasing an additional 3,969 shares during the period. Lmcg Investments LLC’s holdings in Devon Energy were worth $2,189,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the 2nd quarter worth about $34,000. PSI Advisors LLC increased its stake in shares of 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 acquiring an additional 300 shares in the last quarter. LRI Investments LLC bought a new position in shares of Devon Energy in the 1st quarter worth about $39,000. Finally, Manchester Capital Management LLC increased its stake in shares of Devon Energy by 40.9% in the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after acquiring an additional 250 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

NYSE:DVN traded down $0.36 during trading hours on Friday, hitting $38.32. 6,921,517 shares of the stock traded hands, compared to its average volume of 7,328,332. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market cap of $24.00 billion, a price-to-earnings ratio of 6.95, a price-to-earnings-growth ratio of 1.18 and a beta of 2.02. The stock has a 50 day moving average price of $41.04 and a 200 day moving average price of $45.33.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on DVN shares. Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Susquehanna reduced their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. UBS Group reduced their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

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.