GAMMA Investing LLC Takes Position in Devon Energy Co. (NYSE:DVN)

GAMMA Investing LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 7,848 shares of the energy company’s stock, valued at approximately $330,000.

Other hedge funds have also modified their holdings of the company. Duality Advisers LP increased its stake in Devon Energy by 38.0% in the 4th quarter. Duality Advisers LP now owns 143,268 shares of the energy company’s stock valued at $6,490,000 after purchasing an additional 39,453 shares in the last quarter. MCF Advisors LLC increased its stake in Devon Energy by 42.0% in the 4th quarter. MCF Advisors LLC now owns 3,808 shares of the energy company’s stock valued at $172,000 after purchasing an additional 1,127 shares in the last quarter. OLD National Bancorp IN increased its stake in Devon Energy by 65.9% in the 4th quarter. OLD National Bancorp IN now owns 7,362 shares of the energy company’s stock valued at $333,000 after purchasing an additional 2,925 shares in the last quarter. Signaturefd LLC increased its stake in Devon Energy by 10.2% in the 4th quarter. Signaturefd LLC now owns 15,765 shares of the energy company’s stock valued at $714,000 after purchasing an additional 1,459 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in Devon Energy by 60.3% in the 4th quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock valued at $139,000 after purchasing an additional 1,156 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Price Performance

DVN stock opened at $52.09 on Thursday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a market capitalization of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $48.51 and its 200-day simple moving average is $46.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts expect that Devon Energy Co. will post 5.22 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

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.