Blume Capital Management Inc. Buys 300 Shares of Devon Energy Co. (NYSE:DVN)

Blume Capital Management Inc. raised its stake in Devon Energy Co. (NYSE:DVN) by 20.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,735 shares of the energy company’s stock after purchasing an additional 300 shares during the quarter. Blume Capital Management Inc.’s holdings in Devon Energy were worth $79,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Meridian Wealth Advisors LLC increased its position in shares of Devon Energy by 3.5% in the fourth quarter. Meridian Wealth Advisors LLC now owns 73,452 shares of the energy company’s stock valued at $3,327,000 after acquiring an additional 2,488 shares during the period. Cullen Frost Bankers Inc. raised its holdings in shares of Devon Energy by 5.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock valued at $253,000 after acquiring an additional 271 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Devon Energy by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,539,574 shares of the energy company’s stock valued at $160,338,000 after purchasing an additional 123,158 shares during the period. Fielder Capital Group LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth about $305,000. Finally, Machina Capital S.A.S. bought a new stake in shares of Devon Energy during the 4th quarter valued at about $551,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.63% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DVN. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Citigroup increased their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Four 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Devon Energy Stock Performance

NYSE DVN traded up $0.44 during mid-day trading on Thursday, reaching $51.00. 1,411,365 shares of the stock were exchanged, compared to its average volume of 7,743,285. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The business’s 50 day moving average is $50.02 and its 200-day moving average is $46.31. The company has a market capitalization of $32.23 billion, a P/E ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company posted $1.46 EPS. The company’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.