Devon Energy Co. (NYSE:DVN) Shares Acquired by Lummis Asset Management LP

Lummis Asset Management LP raised its stake in Devon Energy Co. (NYSE:DVN) by 2.3% in the third quarter, HoldingsChannel.com reports. The fund owned 30,736 shares of the energy company’s stock after buying an additional 681 shares during the quarter. Devon Energy accounts for 1.4% of Lummis Asset Management LP’s portfolio, making the stock its 22nd biggest position. Lummis Asset Management LP’s holdings in Devon Energy were worth $1,202,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter worth approximately $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy during the 3rd quarter worth approximately $35,000. PSI Advisors LLC grew its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter worth approximately $39,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.9 %

NYSE:DVN traded up $0.35 on Thursday, hitting $39.46. 329,911 shares of the company’s stock were exchanged, compared to its average volume of 7,413,125. The firm has a 50-day moving average price of $40.20 and a 200-day moving average price of $44.55. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a market cap of $25.92 billion, a P/E ratio of 7.25, a price-to-earnings-growth ratio of 1.19 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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 company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts expect that Devon Energy Co. will post 4.86 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Analysts Set New Price Targets

DVN has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Scotiabank cut their price target on shares of 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. Sanford C. Bernstein dropped their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.80.

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.