M.E. Allison & CO. Inc. Invests $212,000 in Devon Energy Corporation $DVN

M.E. Allison & CO. Inc. acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,663 shares of the energy company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. MGO One Seven LLC lifted its stake in shares of Devon Energy by 103.0% during the second quarter. MGO One Seven LLC now owns 16,634 shares of the energy company’s stock worth $529,000 after buying an additional 8,439 shares during the period. CWM LLC lifted its stake in shares of Devon Energy by 124.3% during the second quarter. CWM LLC now owns 198,144 shares of the energy company’s stock worth $6,303,000 after buying an additional 109,787 shares during the period. waypoint wealth counsel acquired a new stake in shares of Devon Energy during the second quarter worth $248,000. Lindenwold Advisors INC lifted its stake in shares of Devon Energy by 1.8% during the second quarter. Lindenwold Advisors INC now owns 26,780 shares of the energy company’s stock worth $852,000 after buying an additional 473 shares during the period. Finally, Inspire Investing LLC lifted its stake in shares of Devon Energy by 18.2% during the second quarter. Inspire Investing LLC now owns 74,744 shares of the energy company’s stock worth $2,378,000 after buying an additional 11,501 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. UBS Group lifted their price objective on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. Jefferies Financial Group boosted their target price on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research report on Monday, July 14th. Barclays decreased their target price on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Mizuho decreased their target price on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Tudor, Pickering, Holt & Co. boosted their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Sixteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.81.

Devon Energy Stock Down 5.3%

DVN opened at $32.54 on Monday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a fifty day moving average of $34.53 and a two-hundred day moving average of $33.05. The stock has a market capitalization of $20.65 billion, a price-to-earnings ratio of 7.29, a PEG ratio of 1.89 and a beta of 1.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s payout ratio is presently 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by corporate insiders.

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.