Devon Energy Co. (NYSE:DVN) Shares Bought by Connable Office Inc.

Connable Office Inc. grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 37.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 14,075 shares of the energy company’s stock after buying an additional 3,848 shares during the quarter. Connable Office Inc.’s holdings in Devon Energy were worth $461,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Hazlett Burt & Watson Inc. raised 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 period. Sfmg LLC increased its stake in shares of Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after acquiring an additional 294 shares during the last quarter. Redwood Wealth Management Group LLC increased its stake in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after acquiring an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after acquiring an additional 326 shares during the last quarter. Finally, Annex Advisory Services LLC increased its stake in shares of Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after acquiring an additional 327 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DVN shares. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Friday, January 3rd. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Finally, TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $36.24 on Friday. The firm has a 50 day simple moving average of $34.94 and a 200 day simple moving average of $38.10. The firm has a market cap of $23.52 billion, a P/E ratio of 7.95, a P/E/G ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

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

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

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.