Summit Global Investments Acquires 48,431 Shares of Devon Energy Co. (NYSE:DVN)

Summit Global Investments increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 63.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 124,499 shares of the energy company’s stock after purchasing an additional 48,431 shares during the quarter. Summit Global Investments’ holdings in Devon Energy were worth $4,870,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Annex Advisory Services LLC raised its holdings in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. Versant Capital Management Inc increased its holdings in Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares in the last quarter. Archer Investment Corp raised its stake in shares of Devon Energy by 2.8% in the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after purchasing an additional 235 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in shares of Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after purchasing an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. lifted its holdings in shares of Devon Energy by 4.0% in the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after purchasing an additional 237 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on DVN shares. Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Susquehanna lowered their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. UBS Group cut their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Scotiabank cut their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $51.80.

Devon Energy Trading Down 2.8 %

Shares of DVN stock opened at $38.89 on Friday. The stock has a market cap of $24.35 billion, a P/E ratio of 7.06, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a 50 day simple moving average of $40.60 and a 200 day simple moving average of $44.99. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, research analysts predict that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is presently 15.97%.

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.