Bank of Nova Scotia Raises Stake in Devon Energy Co. (NYSE:DVN)

Bank of Nova Scotia lifted its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 442.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 923,987 shares of the energy company's stock after acquiring an additional 753,531 shares during the quarter. Bank of Nova Scotia owned 0.14% of Devon Energy worth $30,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Morse Asset Management Inc bought a new position in shares of Devon Energy during the 3rd quarter valued at $126,000. Kovitz Investment Group Partners LLC boosted its position in Devon Energy by 49.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 47,904 shares of the energy company's stock worth $1,874,000 after purchasing an additional 15,891 shares during the last quarter. EP Wealth Advisors LLC boosted its position in Devon Energy by 146.3% in the third quarter. EP Wealth Advisors LLC now owns 22,136 shares of the energy company's stock worth $866,000 after purchasing an additional 13,150 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in shares of Devon Energy by 22.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 66,387 shares of the energy company's stock valued at $2,597,000 after purchasing an additional 12,062 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Devon Energy by 4.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 284,334 shares of the energy company's stock worth $11,123,000 after purchasing an additional 12,503 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Devon Energy Trading Up 0.4 %

Shares of NYSE DVN traded up $0.10 during trading hours on Monday, hitting $28.33. 2,665,025 shares of the company traded hands, compared to its average volume of 10,053,772. The stock has a market capitalization of $18.39 billion, a price-to-earnings ratio of 6.21, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company's 50 day moving average price is $34.38 and its 200 day moving average price is $36.13. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $54.04. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.39%. Devon Energy's dividend payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

A number of analysts have commented on DVN shares. Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Raymond James reduced their price target on Devon Energy from $54.00 to $46.00 and set an "outperform" rating for the company in a research report on Monday, March 10th. Susquehanna boosted their price objective on Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, February 20th. Citigroup reduced their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Finally, StockNews.com raised shares of Devon Energy from a "sell" rating to a "hold" rating in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $46.71.

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.