Concurrent Investment Advisors LLC Decreases Stock Position in Devon Energy Co. (NYSE:DVN)

Concurrent Investment Advisors LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 8.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 66,139 shares of the energy company’s stock after selling 6,422 shares during the period. Concurrent Investment Advisors LLC’s holdings in Devon Energy were worth $2,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the third quarter valued at $230,928,000. International Assets Investment Management LLC grew its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Citigroup reduced their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.83.

Devon Energy Trading Down 2.8 %

Shares of DVN stock opened at $37.49 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $34.47 and a two-hundred day moving average price of $38.37. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The firm has a market cap of $24.62 billion, a P/E ratio of 8.22, a price-to-earnings-growth ratio of 1.17 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Equities analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

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.