Baker Avenue Asset Management LP Boosts Position in Devon Energy Corporation $DVN

Baker Avenue Asset Management LP increased its holdings in Devon Energy Corporation (NYSE:DVN) by 138.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,254 shares of the energy company’s stock after acquiring an additional 32,086 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Devon Energy were worth $1,758,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. California Public Employees Retirement System lifted its position in shares of Devon Energy by 13.7% in the 2nd quarter. California Public Employees Retirement System now owns 1,056,849 shares of the energy company’s stock worth $33,618,000 after purchasing an additional 127,122 shares during the period. Cary Street Partners Financial LLC increased its position in shares of Devon Energy by 6.4% during the second quarter. Cary Street Partners Financial LLC now owns 197,994 shares of the energy company’s stock valued at $6,298,000 after buying an additional 11,927 shares during the period. Cerity Partners LLC raised its stake in Devon Energy by 35.6% in the second quarter. Cerity Partners LLC now owns 338,016 shares of the energy company’s stock worth $10,752,000 after buying an additional 88,755 shares in the last quarter. Jump Financial LLC lifted its holdings in Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after buying an additional 10,464 shares during the period. Finally, Cresset Asset Management LLC boosted its position in Devon Energy by 3.3% during the 2nd quarter. Cresset Asset Management LLC now owns 107,947 shares of the energy company’s stock valued at $3,434,000 after acquiring an additional 3,497 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Morgan Stanley decreased their target price on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Tuesday, October 14th. Capital One Financial reduced their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Roth Capital started coverage on Devon Energy in a research report on Monday, October 13th. They set a “buy” rating and a $42.00 price objective for the company. JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $49.00 to $44.00 in a research report on Monday. Finally, Evercore ISI lifted their price target on shares of Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a research report on Monday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $44.55.

Devon Energy Stock Up 0.1%

NYSE:DVN opened at $37.52 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The firm has a market cap of $23.53 billion, a P/E ratio of 8.83, a P/E/G ratio of 2.89 and a beta of 0.62. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $38.88. The firm has a 50-day simple moving average of $34.42 and a two-hundred day simple moving average of $33.90.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same quarter in the prior year, the company posted $1.10 earnings per share. Analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

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.