Lummis Asset Management LP Has $1.03 Million Stake in Devon Energy Co. (NYSE:DVN)

Lummis Asset Management LP boosted its holdings in Devon Energy Co. (NYSE:DVN) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,429 shares of the energy company’s stock after purchasing an additional 693 shares during the quarter. Devon Energy comprises approximately 1.3% of Lummis Asset Management LP’s investment portfolio, making the stock its 23rd largest holding. Lummis Asset Management LP’s holdings in Devon Energy were worth $1,029,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the third quarter valued at about $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy in the 3rd quarter valued at about $39,000. True Wealth Design LLC boosted its stake in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management increased its holdings in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. BMO Capital Markets decreased their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday. Susquehanna dropped their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday. Finally, Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.98 on Friday. The firm’s 50 day moving average is $35.48 and its 200 day moving average is $40.32. The stock has a market capitalization of $24.95 billion, a P/E ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.65 earnings per share. On average, sell-side analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

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.