WCM Investment Management LLC Raises Holdings in Devon Energy Co. (NYSE:DVN)

WCM Investment Management LLC increased its position in Devon Energy Co. (NYSE:DVN) by 318.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 19,488 shares of the energy company’s stock after purchasing an additional 14,829 shares during the period. WCM Investment Management LLC’s holdings in Devon Energy were worth $759,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy in the second quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the 2nd quarter valued at approximately $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter worth approximately $35,000. PSI Advisors LLC grew 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 valued at $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy during the 1st quarter valued at $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 1.6 %

Shares of DVN opened at $38.33 on Wednesday. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm has a market cap of $25.18 billion, a price-to-earnings ratio of 7.11, a PEG ratio of 1.21 and a beta of 2.03. The firm has a 50 day moving average price of $40.27 and a 200-day moving average price of $44.59. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 4.89 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.30%. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DVN. Piper Sandler cut their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Barclays reduced their price objective 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. Finally, BMO Capital Markets decreased their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.80.

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.