Guidance Capital Inc. Purchases New Holdings in Devon Energy Co. (NYSE:DVN)

by · The Cerbat Gem

Guidance Capital Inc. purchased a new stake in Devon Energy Co. (NYSE:DVN – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,461 shares of the energy company’s stock, valued at approximately $578,000.

Other hedge funds have also made changes to their positions in the company. AlphaCrest Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter worth about $364,000. Acadian Asset Management LLC acquired a new stake in shares of Devon Energy in the first quarter worth about $188,000. Blair William & Co. IL lifted its position in shares of Devon Energy by 52.1% in the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock worth $5,861,000 after buying an additional 33,936 shares during the last quarter. Sei Investments Co. lifted its position in shares of Devon Energy by 9.2% in the first quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock worth $24,500,000 after buying an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter worth about $26,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Devon Energy Trading Up 1.7 %

NYSE:DVN traded up $0.72 on Friday, hitting $44.18. 1,564,596 shares of the stock were exchanged, compared to its average volume of 8,885,948. The stock has a market capitalization of $28.31 billion, a price-to-earnings ratio of 7.43, a P/E/G ratio of 0.15 and a beta of 2.20. Devon Energy Co. has a 52 week low of $42.59 and a 52 week high of $66.96. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.89 and a current ratio of 0.96. The company’s 50-day moving average price is $45.99 and its 200 day moving average price is $48.49.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings data on Tuesday, November 7th. The energy company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Devon Energy had a return on equity of 33.97% and a net margin of 24.63%. On average, equities research analysts forecast that Devon Energy Co. will post 5.88 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.77 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.49. This represents a $3.08 annualized dividend and a dividend yield of 6.97%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy’s payout ratio is presently 13.68%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DVN. JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $57.00 to $58.00 in a research report on Wednesday. UBS Group cut their price objective on Devon Energy from $54.00 to $52.00 and set a “neutral” rating for the company in a research report on Tuesday, November 14th. Sanford C. Bernstein cut Devon Energy from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research report on Tuesday, October 17th. Piper Sandler cut their price objective on Devon Energy from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Thursday, November 16th. Finally, StockNews.com initiated coverage on Devon Energy in a report on Thursday, October 5th. They issued a “hold” rating for the company. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $57.76.

Read Our Latest Report on Devon Energy

Devon Energy Company Profile

(Free Report)

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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