Mediolanum International Funds Ltd Takes Position in Devon Energy Co. (NYSE:DVN)

Mediolanum International Funds Ltd purchased a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 66,584 shares of the energy company's stock, valued at approximately $3,293,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new stake in Devon Energy during the fourth quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the 1st quarter valued at about $30,000. Sound Income Strategies LLC lifted its stake in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock worth $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC boosted its holdings in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock worth $33,000 after buying an additional 669 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock valued at $33,000 after buying an additional 374 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the company's stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.73% of the stock is owned by company insiders.

Analysts Set New Price Targets

DVN has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, April 23rd. Morgan Stanley boosted their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an "overweight" rating in a report on Tuesday. Wells Fargo & Company raised shares of Devon Energy from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. UBS Group increased their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, April 10th. Finally, Bank of America restated a "buy" rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Devon Energy Trading Up 1.1 %

DVN traded up $0.51 during trading on Thursday, reaching $46.42. The company had a trading volume of 6,872,645 shares, compared to its average volume of 7,299,035. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The stock has a market cap of $29.34 billion, a P/E ratio of 8.76, a PEG ratio of 1.23 and a beta of 2.07. The business has a 50 day simple moving average of $47.94 and a 200-day simple moving average of $47.02.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business earned $1.46 EPS. The business's revenue was down 5.9% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy's dividend payout ratio is currently 16.79%.

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.