Blume Capital Management Inc. lowered its holdings in shares of Devon Energy Corp (NYSE:DVN) by 8.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 159,054 shares of the energy company’s stock after selling 14,483 shares during the period. Devon Energy accounts for 2.0% of Blume Capital Management Inc.’s investment portfolio, making the stock its 18th largest holding. Blume Capital Management Inc.’s holdings in Devon Energy were worth $3,585,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. FMR LLC lifted its stake in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after acquiring an additional 1,173,389 shares during the period. Commonwealth Bank of Australia lifted its stake in shares of Devon Energy by 18.1% in the 3rd quarter. Commonwealth Bank of Australia now owns 68,467 shares of the energy company’s stock worth $2,728,000 after acquiring an additional 10,500 shares during the period. LPL Financial LLC lifted its stake in shares of Devon Energy by 13.0% in the 3rd quarter. LPL Financial LLC now owns 56,986 shares of the energy company’s stock worth $2,276,000 after acquiring an additional 6,546 shares during the period. Morgan Stanley lifted its stake in shares of Devon Energy by 105.9% in the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock worth $100,722,000 after acquiring an additional 1,296,801 shares during the period. Finally, BB&T Corp lifted its stake in shares of Devon Energy by 1,003.3% in the 4th quarter. BB&T Corp now owns 700,770 shares of the energy company’s stock worth $15,795,000 after acquiring an additional 637,254 shares during the period. Hedge funds and other institutional investors own 82.79% of the company’s stock.
NYSE:DVN opened at $25.44 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy Corp has a twelve month low of $20.37 and a twelve month high of $46.54. The stock has a market cap of $11.67 billion, a price-to-earnings ratio of 40.38, a price-to-earnings-growth ratio of 1.52 and a beta of 2.23.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 1.26%. Devon Energy’s dividend payout ratio (DPR) is currently 50.79%.
Several analysts have recently commented on DVN shares. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 13th. Morgan Stanley reduced their price objective on shares of Devon Energy from $44.00 to $39.00 and set a “hold” rating for the company in a research note on Tuesday, November 20th. Stephens initiated coverage on shares of Devon Energy in a research note on Thursday, December 6th. They issued an “overweight” rating and a $50.00 price objective for the company. Piper Jaffray Companies reiterated a “buy” rating on shares of Devon Energy in a research note on Monday, November 19th. Finally, Credit Suisse Group set a $45.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, November 7th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and sixteen have given a buy rating to the company’s stock. Devon Energy has a consensus rating of “Buy” and an average price target of $46.36.
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Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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