Summit Securities Group LLC Trims Position in Devon Energy Co. (NYSE:DVN)

Summit Securities Group LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 24.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,700 shares of the energy company’s stock after selling 1,200 shares during the quarter. Summit Securities Group LLC’s holdings in Devon Energy were worth $121,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Algert Global LLC lifted its holdings in shares of Devon Energy by 15.5% during the third quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock worth $439,000 after purchasing an additional 1,510 shares during the period. FMR LLC increased its stake in shares of Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock worth $67,370,000 after acquiring an additional 489,964 shares during the period. Townsquare Capital LLC raised its holdings in Devon Energy by 40.4% during the third quarter. Townsquare Capital LLC now owns 22,773 shares of the energy company’s stock worth $891,000 after purchasing an additional 6,554 shares in the last quarter. Freedom Investment Management Inc. acquired a new stake in Devon Energy in the third quarter valued at about $346,000. Finally, Glenmede Trust Co. NA increased its position in Devon Energy by 121.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 35,654 shares of the energy company’s stock worth $1,395,000 after purchasing an additional 19,589 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on DVN. Wells Fargo & Company decreased their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Barclays raised their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Citigroup cut their price target on Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, March 17th. Finally, Susquehanna increased their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.29.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.79 on Friday. The business’s fifty day moving average price is $35.38 and its 200 day moving average price is $36.87. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $23.87 billion, a P/E ratio of 8.07, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is 21.05%.

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.