Allstate Corp Purchases Shares of 17,447 Devon Energy Co. (NYSE:DVN)

Allstate Corp purchased a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,447 shares of the energy company's stock, valued at approximately $571,000.

Several other hedge funds have also bought and sold shares of the stock. Cromwell Holdings LLC grew its position in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in Devon Energy during the fourth quarter worth approximately $43,000. Endeavor Private Wealth Inc. acquired a new stake in Devon Energy in the fourth quarter valued at approximately $52,000. Thompson Investment Management Inc. increased its position in shares of Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after buying an additional 600 shares in the last quarter. Finally, Asset Planning Inc acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Trading Down 12.6 %

DVN stock traded down $4.77 during mid-day trading on Thursday, hitting $33.15. 16,221,686 shares of the company were exchanged, compared to its average volume of 8,138,996. The business has a fifty day simple moving average of $35.42 and a 200-day simple moving average of $36.82. The firm has a market capitalization of $21.51 billion, a P/E ratio of 7.27, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

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Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.25 billion. On average, equities research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.90%. Devon Energy's dividend payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on DVN shares. Raymond James dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Citigroup decreased their price target on shares of Devon Energy from $48.00 to $46.00 and set a "buy" rating on the stock in a research note on Monday, March 17th. JPMorgan Chase & Co. lowered their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Finally, Cowen cut Devon Energy to a "hold" rating and reduced their target price for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.29.

Devon Energy 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.