Park Place Capital Corp Takes Position in Devon Energy Co. (NYSE:DVN)

Park Place Capital Corp purchased a new position in Devon Energy Co. (NYSE:DVN) during the first quarter, Holdings Channel.com reports. The firm purchased 4,509 shares of the energy company’s stock, valued at approximately $226,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the fourth quarter worth approximately $28,000. Sound Income Strategies LLC grew its position in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Rise Advisors LLC raised its stake in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares in the last quarter. Finally, PFS Partners LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $36,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on DVN shares. Stifel Nicolaus upped their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Mizuho upped their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Bank of America reissued a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Royal Bank of Canada boosted their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Thursday, May 9th. Finally, StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Stock Up 0.7 %

Devon Energy stock traded up $0.33 during mid-day trading on Monday, hitting $47.73. 4,480,861 shares of the company’s stock were exchanged, compared to its average volume of 7,346,412. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a 50 day moving average of $48.73 and a two-hundred day moving average of $46.93. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market cap of $30.17 billion, a P/E ratio of 9.11, a P/E/G ratio of 1.25 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates 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 firm posted $1.46 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.73% of the stock is owned by corporate insiders.

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.