Crescent Grove Advisors LLC Buys 1,457 Shares of Devon Energy Co. (NYSE:DVN)

Crescent Grove Advisors LLC grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,797 shares of the energy company’s stock after buying an additional 1,457 shares during the quarter. Crescent Grove Advisors LLC’s holdings in Devon Energy were worth $670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Lord Abbett & CO. LLC lifted its holdings in Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after buying an additional 73,570 shares during the period. Nordea Investment Management AB raised its holdings in Devon Energy by 2.7% during the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares during the period. Atria Investments Inc raised its holdings in Devon Energy by 64.4% during the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after acquiring an additional 21,400 shares during the period. Pearl River Capital LLC grew its position in shares of Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, National Bank of Canada FI grew its position in Devon Energy by 548.8% in the third quarter. National Bank of Canada FI now owns 840,334 shares of the energy company’s stock worth $38,356,000 after acquiring an additional 710,811 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN traded down $0.96 during trading on Tuesday, hitting $51.72. The company’s stock had a trading volume of 1,929,260 shares, compared to its average volume of 8,034,225. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19. The firm has a market cap of $32.84 billion, a PE ratio of 9.04 and a beta of 2.19. The business’s 50 day simple moving average is $47.08 and its 200-day simple moving average is $45.74.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm earned $1.66 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.40%. Devon Energy’s payout ratio is 15.09%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on DVN shares. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Barclays began coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Stifel Nicolaus cut their price target on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

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.