GoodHaven Capital Management LLC Buys 59,700 Shares of Devon Energy Co. (NYSE:DVN)

GoodHaven Capital Management LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 15.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 452,357 shares of the energy company’s stock after buying an additional 59,700 shares during the period. Devon Energy accounts for approximately 4.8% of GoodHaven Capital Management LLC’s portfolio, making the stock its 7th largest position. GoodHaven Capital Management LLC’s holdings in Devon Energy were worth $14,806,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Sfmg LLC boosted its position 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 boosted its position 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 boosted its position 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. Annex Advisory Services LLC boosted its position 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. Finally, Fiduciary Trust Co lifted its position in Devon Energy by 3.1% during the third quarter. Fiduciary Trust Co now owns 11,074 shares of the energy company’s stock valued at $433,000 after buying an additional 329 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 2.0 %

Shares of NYSE:DVN opened at $36.08 on Thursday. 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 company has a fifty day simple moving average of $35.44 and a 200 day simple moving average of $37.13. The firm has a market cap of $23.41 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.66%. Devon Energy’s payout ratio is presently 21.05%.

Analyst Ratings Changes

DVN has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Williams Trading set a $50.00 price target on shares of Devon Energy in a research report on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.46.

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.