Hurley Capital LLC Purchases Shares of 751 Devon Energy Co. (NYSE:DVN)

Hurley Capital LLC acquired a new position in Devon Energy Co. (NYSE:DVN) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 751 shares of the energy company’s stock, valued at approximately $26,000.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its holdings in Devon Energy by 39.8% in the 3rd quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock worth $67,370,000 after purchasing an additional 489,964 shares in the last quarter. Benjamin Edwards Inc. raised its stake in Devon Energy by 2,431.2% in the third quarter. Benjamin Edwards Inc. now owns 15,744 shares of the energy company’s stock worth $616,000 after buying an additional 15,122 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Devon Energy by 48.3% in the third quarter. Investment Management Corp of Ontario now owns 20,884 shares of the energy company’s stock worth $817,000 after buying an additional 6,800 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in Devon Energy by 29.8% in the third quarter. Integrated Wealth Concepts LLC now owns 30,881 shares of the energy company’s stock worth $1,208,000 after buying an additional 7,087 shares during the period. Finally, Morse Asset Management Inc bought a new stake in Devon Energy during the 3rd quarter valued at approximately $126,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DVN shares. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Cowen lowered Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Susquehanna upped their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Raymond James lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $48.17.

Devon Energy Trading Down 11.7 %

NYSE:DVN opened at $29.30 on Friday. The company has a market cap of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. 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 company has a 50 day simple moving average of $35.22 and a two-hundred day simple moving average of $36.70. Devon Energy Co. has a 12 month low of $29.06 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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 return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. 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.