Perritt Capital Management Inc Trims Stock Position in Devon Energy Co. (NYSE:DVN)

Perritt Capital Management Inc decreased its position in Devon Energy Co. (NYSE:DVN) by 32.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,696 shares of the energy company’s stock after selling 3,180 shares during the period. Perritt Capital Management Inc’s holdings in Devon Energy were worth $219,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cromwell Holdings LLC grew its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $43,000. Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth $52,000. Thompson Investment Management Inc. increased its position in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in Devon Energy in the 4th quarter valued at about $54,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.4 %

NYSE:DVN opened at $37.56 on Wednesday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a market cap of $24.37 billion, a P/E ratio of 8.24, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The stock has a 50-day simple moving average of $35.39 and a 200-day simple moving average of $36.81.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Ratings Changes

Several brokerages have weighed in on DVN. Citigroup lowered their target price on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. decreased their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Cowen lowered Devon Energy to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.29.

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.