Deane Retirement Strategies Inc. Purchases New Position in Devon Energy Co. (NYSE:DVN)

Deane Retirement Strategies Inc. acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 84,457 shares of the energy company’s stock, valued at approximately $3,826,000. Devon Energy makes up about 2.1% of Deane Retirement Strategies Inc.’s investment portfolio, making the stock its 12th biggest position.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. AlphaCrest Capital Management LLC acquired a new position in Devon Energy in the 1st quarter worth $364,000. Acadian Asset Management LLC purchased a new position in Devon Energy in the first quarter valued at about $188,000. Blair William & Co. IL grew its stake in Devon Energy by 52.1% during the 1st quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after purchasing an additional 33,936 shares in the last quarter. Sei Investments Co. increased its holdings in Devon Energy by 9.2% during the 1st quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock worth $24,500,000 after purchasing an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy in the 1st quarter valued at approximately $26,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Stifel Nicolaus decreased 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. Raymond James decreased their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. upgraded Devon Energy from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $57.00 to $58.00 in a report on Wednesday, December 6th. Finally, Citigroup raised their price objective on Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.38.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.50 during trading hours on Thursday, hitting $49.96. The stock had a trading volume of 3,425,549 shares, compared to its average volume of 8,052,461. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock’s fifty day simple moving average is $44.27 and its 200 day simple moving average is $45.43. The firm has a market capitalization of $31.72 billion, a price-to-earnings ratio of 8.48 and a beta of 2.18. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $56.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate 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 period last year, the firm earned $1.66 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 4.83 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.52%. The ex-dividend date is Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

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.