Cerity Partners LLC Raises Stake in Devon Energy Co. (NYSE:DVN)

Cerity Partners LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 97.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 208,596 shares of the energy company’s stock after purchasing an additional 103,094 shares during the quarter. Cerity Partners LLC’s holdings in Devon Energy were worth $8,160,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Annex Advisory Services LLC grew its holdings in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Devon Energy by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after buying an additional 226 shares in the last quarter. Archer Investment Corp grew its stake in 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 acquiring an additional 235 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in Devon Energy by 2.6% during the 1st quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after acquiring an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. raised its position in Devon Energy by 4.0% during the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after acquiring an additional 237 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Barclays lowered their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, UBS Group reduced their target price 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 investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of “Hold” and an average price target of $51.15.

Devon Energy Stock Performance

Devon Energy stock opened at $37.83 on Thursday. The company has a market cap of $24.85 billion, a price-to-earnings ratio of 7.02, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. Devon Energy Co. has a 12 month low of $37.28 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock’s 50-day moving average is $39.85 and its 200-day moving average is $43.73.

Devon Energy (NYSE:DVN) last announced 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 net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.33%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.