Payden & Rygel Investment Group Invests $176,000 in Devon Energy Co. (NYSE:DVN)

Payden & Rygel Investment Group acquired a new stake in Devon Energy Co. (NYSE:DVN) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,500 shares of the energy company’s stock, valued at approximately $176,000.

Several other hedge funds also recently bought and sold shares of DVN. Wellington Management Group LLP increased its stake in Devon Energy by 140.1% in the 3rd quarter. Wellington Management Group LLP now owns 157,640 shares of the energy company’s stock worth $7,519,000 after acquiring an additional 91,993 shares during the last quarter. CX Institutional purchased a new position in shares of Devon Energy during the fourth quarter worth about $255,000. Mutual Advisors LLC bought a new position in shares of Devon Energy in the fourth quarter worth approximately $363,000. Compagnie Lombard Odier SCmA raised its stake in Devon Energy by 167.5% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 4,012 shares of the energy company’s stock valued at $182,000 after purchasing an additional 2,512 shares in the last quarter. Finally, CVA Family Office LLC bought a new stake in Devon Energy during the fourth quarter valued at approximately $141,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on DVN shares. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. UBS Group upped their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Sanford C. Bernstein decreased their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Finally, Stifel Nicolaus upped their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.13.

Devon Energy Stock Up 1.5 %

Shares of NYSE:DVN traded up $0.70 during midday trading on Thursday, reaching $46.28. The company’s stock had a trading volume of 4,881,737 shares, compared to its average volume of 7,203,877. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $47.26 and a 200-day moving average of $47.10. The firm has a market capitalization of $29.25 billion, a P/E ratio of 8.83, a PEG ratio of 1.18 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the company earned $1.46 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Co. will post 5.39 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.90%. Devon Energy’s dividend payout ratio is 16.79%.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Company 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.