Clear Creek Financial Management LLC Purchases Shares of 5,784 Devon Energy Co. (NYSE:DVN)

Clear Creek Financial Management LLC purchased a new position in Devon Energy Co. (NYSE:DVN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,784 shares of the energy company's stock, valued at approximately $274,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Raymond James & Associates raised its position in Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company's stock valued at $435,311,000 after purchasing an additional 138,919 shares during the last quarter. Victory Capital Management Inc. raised its position in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock worth $386,832,000 after buying an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in Devon Energy by 3.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company's stock worth $222,752,000 after buying an additional 169,923 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DVN has been the topic of a number of recent analyst reports. Bank of America reaffirmed a "buy" rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Susquehanna reiterated a "positive" rating and set a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. StockNews.com upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Thursday, August 8th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $57.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 14th. Finally, Morgan Stanley lifted their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong 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 $58.75.

Devon Energy Stock Up 2.4 %

Devon Energy stock traded up $1.03 during midday trading on Friday, reaching $44.70. The stock had a trading volume of 4,314,258 shares, compared to its average volume of 7,167,934. The stock has a market capitalization of $28.25 billion, a P/E ratio of 8.53, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The firm's fifty day simple moving average is $45.94 and its 200-day simple moving average is $47.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business's quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.18 EPS. As a group, analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 1.97%. Devon Energy's dividend payout ratio (DPR) is presently 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.