Bridgewater Associates LP Takes Position in Devon Energy Co. (NYSE:DVN)

Bridgewater Associates LP purchased a new position in Devon Energy Co. (NYSE:DVN) during the 3rd quarter, Holdings Channel.com reports. The firm purchased 240,959 shares of the energy company’s stock, valued at approximately $9,426,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Jacobs Levy Equity Management Inc. bought a new position in shares of Devon Energy in the first quarter worth approximately $373,000. Comerica Bank lifted its position in Devon Energy by 8.5% in the 1st quarter. Comerica Bank now owns 238,558 shares of the energy company’s stock valued at $11,971,000 after acquiring an additional 18,784 shares in the last quarter. Citizens Financial Group Inc. RI boosted its stake 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 purchasing an additional 236 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Devon Energy in the 1st quarter worth $39,000. Finally, Atria Investments Inc raised its stake in shares of Devon Energy by 68.2% in the first quarter. Atria Investments Inc now owns 78,314 shares of the energy company’s stock worth $3,930,000 after purchasing an additional 31,767 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DVN. Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Scotiabank dropped their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Evercore ISI decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Finally, Jefferies Financial Group started coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Hold” and an average target price of $51.15.

Devon Energy Trading Up 0.3 %

Shares of DVN opened at $37.84 on Friday. The company has a 50 day simple moving average of $39.80 and a two-hundred day simple moving average of $43.69. Devon Energy Co. has a 1 year low of $37.28 and a 1 year high of $55.09. The firm has a market cap of $24.86 billion, a P/E ratio of 7.02, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. Devon Energy’s dividend payout ratio (DPR) is 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.