Martingale Asset Management L P Invests $336,000 in Devon Energy Co. (NYSE:DVN)

Martingale Asset Management L P bought a new stake in shares of Devon Energy Co. (NYSE:DVN) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 8,594 shares of the energy company’s stock, valued at approximately $336,000.

A number of other institutional investors have also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the second quarter valued at $34,000. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the third quarter valued at $35,000. PSI Advisors LLC grew its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Devon Energy during the 3rd quarter worth $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $37.58 on Wednesday. Devon Energy Co. has a 52 week low of $37.15 and a 52 week high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $39.61 and its two-hundred day moving average price is $43.39. The stock has a market cap of $24.69 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 1.19 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its 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. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DVN. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Wells Fargo & Company dropped their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Citigroup reduced their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, TD Cowen dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of “Hold” and a consensus target price of $51.15.

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.