Oxbow Advisors LLC Acquires New Holdings in Devon Energy Co. (NYSE:DVN)

Oxbow Advisors LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,046 shares of the energy company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the first quarter worth $30,000. Sound Income Strategies LLC increased its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC increased its position in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. Finally, Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on DVN shares. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. UBS Group raised their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday. Mizuho raised their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $60.00.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.02 during midday trading on Friday, reaching $46.40. 872,031 shares of the company traded hands, compared to its average volume of 7,250,726. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market capitalization of $29.32 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 1.19 and a beta of 2.07. The firm’s fifty day moving average price is $47.86 and its two-hundred day moving average price is $47.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 EPS. On average, equities analysts expect that Devon Energy Co. will post 5.35 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.90%. Devon Energy’s dividend payout ratio (DPR) is presently 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.