Cross Staff Investments Inc Sells 292 Shares of Devon Energy Co. (NYSE:DVN)

Cross Staff Investments Inc decreased its position in Devon Energy Co. (NYSE:DVN) by 3.6% in the 4th quarter, HoldingsChannel reports. The fund owned 7,781 shares of the energy company’s stock after selling 292 shares during the period. Cross Staff Investments Inc’s holdings in Devon Energy were worth $352,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Morgan Stanley raised its position in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Devon Energy by 5.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after buying an additional 411,777 shares during the period. Raymond James & Associates boosted its stake in Devon Energy by 5.0% in the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares in the last quarter. Northern Trust Corp grew its position in Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after acquiring an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DVN shares. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Susquehanna upped their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday. Morgan Stanley lifted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Citigroup raised their price target on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Up 0.4 %

DVN traded up $0.22 during trading on Friday, reaching $52.83. The company had a trading volume of 3,139,093 shares, compared to its average volume of 7,836,357. The business’s fifty day moving average price is $48.70 and its 200 day moving average price is $46.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a market cap of $33.55 billion, a P/E ratio of 8.97 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.66 EPS. Equities analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.33%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

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.