Carlson Capital L.P. Invests $743,000 in Devon Energy Co. (NYSE:DVN)

Carlson Capital L.P. bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,700 shares of the energy company’s stock, valued at approximately $743,000. Devon Energy makes up about 0.4% of Carlson Capital L.P.’s holdings, making the stock its 18th biggest holding.

A number of other large investors have also modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter worth $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Devon Energy in the third quarter valued at about $230,928,000. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after purchasing an additional 1,296,590 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $35.36 on Thursday. The firm has a market capitalization of $22.95 billion, a P/E ratio of 7.75, a P/E/G ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $34.73 and its two-hundred day moving average is $38.18.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Research analysts forecast 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. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Raymond James upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Barclays upped their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, TD Cowen decreased their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

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.