CIBC Asset Management Inc Purchases 6,358 Shares of Devon Energy Co. (NYSE:DVN)

CIBC Asset Management Inc boosted its position in Devon Energy Co. (NYSE:DVN) by 6.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 107,182 shares of the energy company’s stock after purchasing an additional 6,358 shares during the period. CIBC Asset Management Inc’s holdings in Devon Energy were worth $4,193,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. purchased a new stake in shares of Devon Energy during the second quarter valued at approximately $1,026,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Devon Energy during the 3rd quarter valued at $592,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Devon Energy during the 2nd quarter worth $711,000. New York State Teachers Retirement System boosted its holdings in shares of Devon Energy by 14.2% in the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after buying an additional 87,462 shares during the last quarter. Finally, CWM LLC grew its position in Devon Energy by 73.4% during the third quarter. CWM LLC now owns 38,969 shares of the energy company’s stock valued at $1,524,000 after buying an additional 16,490 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Mizuho reduced their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Evercore ISI lowered their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.85.

Devon Energy Stock Performance

NYSE DVN opened at $38.77 on Tuesday. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market capitalization of $25.47 billion, a P/E ratio of 7.19, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a fifty day moving average of $40.04 and a 200-day moving average of $44.24.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Devon Energy 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.