Eliot Finkel Investment Counsel LLC Makes New $2.87 Million Investment in Devon Energy Co. (NYSE:DVN)

Eliot Finkel Investment Counsel LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 87,630 shares of the energy company’s stock, valued at approximately $2,868,000. Devon Energy accounts for 1.8% of Eliot Finkel Investment Counsel LLC’s portfolio, making the stock its 25th largest holding.

A number of other large investors have also recently bought and sold shares of the business. Bridgewater Associates LP bought a new position in shares of Devon Energy during the 3rd quarter worth about $9,426,000. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy during the 3rd quarter worth about $8,002,000. Petrus Trust Company LTA boosted its position in shares of Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its position in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.0 %

NYSE:DVN opened at $36.24 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $23.52 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. The firm’s 50 day moving average is $34.94 and its 200 day moving average is $38.05. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS 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 expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DVN. Barclays increased their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Mizuho cut their price objective 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. Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report 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 price target on the stock in a research report on Friday, January 3rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

About Devon Energy

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.