CIBC Asset Management Inc Has $4.19 Million Stock Position in Devon Energy Co. (NYSE:DVN)

CIBC Asset Management Inc lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 107,182 shares of the energy company’s stock after buying an additional 6,358 shares during the period. CIBC Asset Management Inc’s holdings in Devon Energy were worth $4,193,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new position in Devon Energy in the second quarter valued at about $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter valued at approximately $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter valued at approximately $35,000. PSI Advisors LLC boosted its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. Finally, LRI Investments LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $39,000. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Scotiabank dropped their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Raymond James decreased their price target on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, BMO Capital Markets reduced their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $51.85.

Devon Energy Stock Performance

NYSE DVN opened at $38.77 on Tuesday. The company has a market cap of $25.47 billion, a P/E ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03. The company has a fifty day simple moving average of $40.04 and a 200 day simple moving average of $44.24. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. Sell-side analysts predict that Devon Energy Co. will post 4.84 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

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.