Perritt Capital Management Inc Trims Holdings in Devon Energy Co. (NYSE:DVN)

Perritt Capital Management Inc lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 32.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,696 shares of the energy company’s stock after selling 3,180 shares during the period. Perritt Capital Management Inc’s holdings in Devon Energy were worth $219,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cromwell Holdings LLC boosted its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC purchased a new stake in Devon Energy during the 4th quarter valued at approximately $43,000. Endeavor Private Wealth Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $52,000. Thompson Investment Management Inc. grew its stake in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after purchasing an additional 600 shares during the last quarter. Finally, Asset Planning Inc acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $54,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $37.56 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $24.37 billion, a PE ratio of 8.24, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a 50-day simple moving average of $35.39 and a 200-day simple moving average of $36.81. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, equities 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 announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date was Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Mizuho dropped their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Williams Trading set a $50.00 price objective on Devon Energy in a report on Wednesday, March 5th. Finally, Raymond James cut their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.29.

Devon Energy Company 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.