Greatmark Investment Partners Inc. Purchases 52,630 Shares of Devon Energy Co. (NYSE:DVN)

Greatmark Investment Partners Inc. grew its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 441,627 shares of the energy company's stock after acquiring an additional 52,630 shares during the quarter. Devon Energy comprises about 2.0% of Greatmark Investment Partners Inc.'s investment portfolio, making the stock its 19th largest holding. Greatmark Investment Partners Inc. owned about 0.07% of Devon Energy worth $14,454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Monaco Asset Management SAM acquired a new position in shares of Devon Energy during the fourth quarter valued at $6,546,000. Blume Capital Management Inc. boosted its holdings in shares of Devon Energy by 51.5% during the fourth quarter. Blume Capital Management Inc. now owns 3,385 shares of the energy company's stock valued at $111,000 after acquiring an additional 1,150 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Devon Energy by 23.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 403,505 shares of the energy company's stock valued at $13,207,000 after acquiring an additional 75,851 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Devon Energy by 13.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 75,848 shares of the energy company's stock valued at $2,482,000 after purchasing an additional 8,733 shares in the last quarter. Finally, Securian Asset Management Inc. raised its stake in shares of Devon Energy by 1.9% during the fourth quarter. Securian Asset Management Inc. now owns 35,305 shares of the energy company's stock valued at $1,156,000 after purchasing an additional 672 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DVN. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Wolfe Research upgraded shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research note on Friday, January 3rd. Mizuho cut their price objective on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Cowen cut shares of Devon Energy to a "hold" rating and cut their price objective for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Susquehanna boosted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $48.46.

Devon Energy Stock Up 2.0 %

NYSE:DVN traded up $0.71 on Wednesday, hitting $36.08. 10,654,857 shares of the company's stock traded hands, compared to its average volume of 7,829,490. 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 Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a 50-day moving average price of $35.42 and a 200-day moving average price of $37.14. The company has a market cap of $23.41 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $4.25 billion. Equities analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is 21.05%.

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.