Cibc World Markets Corp Increases Position in Devon Energy Co. (NYSE:DVN)

Cibc World Markets Corp boosted its position in Devon Energy Co. (NYSE:DVN - Free Report) by 20.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,204 shares of the energy company's stock after buying an additional 17,135 shares during the period. Cibc World Markets Corp's holdings in Devon Energy were worth $3,345,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cromwell Holdings LLC raised its position in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC bought a new stake in Devon Energy during the 4th quarter valued at $43,000. True Wealth Design LLC lifted its stake in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after buying an additional 1,089 shares in the last quarter. Activest Wealth Management lifted its stake in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after buying an additional 480 shares in the last quarter. Finally, Endeavor Private Wealth Inc. bought a new stake in shares of Devon Energy during the fourth quarter worth about $52,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on DVN shares. Royal Bank of Canada reissued a "sector perform" rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, December 16th. Citigroup reduced their target price on shares of Devon Energy from $48.00 to $46.00 and set a "buy" rating for the company in a research note on Monday, March 17th. Barclays raised their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. Finally, Benchmark restated a "buy" rating and set a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.46.

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Devon Energy Stock Performance

Shares of NYSE DVN remained flat at $36.96 during mid-day trading on Tuesday. The stock had a trading volume of 5,932,771 shares, compared to its average volume of 7,845,709. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The firm has a market capitalization of $23.99 billion, a P/E ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The business's 50-day simple moving average is $35.46 and its 200-day simple moving average is $36.95.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.60%. Devon Energy's dividend payout ratio (DPR) is currently 21.05%.

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.