GKV Capital Management Co. Inc. Makes New Investment in Devon Energy Co. (NYSE:DVN)

GKV Capital Management Co. Inc. purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,000 shares of the energy company’s stock, valued at approximately $786,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Hurley Capital LLC purchased a new position in Devon Energy during the 4th quarter valued at about $26,000. Cromwell Holdings LLC boosted its stake 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 valued at $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $43,000. Endeavor Private Wealth Inc. bought a new position in Devon Energy in the fourth quarter worth approximately $52,000. Finally, Thompson Investment Management Inc. raised its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after buying an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on DVN shares. Citigroup cut their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Barclays lifted their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an “overweight” rating in a report on Wednesday, March 26th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.71.

Devon Energy Stock Performance

DVN opened at $29.28 on Thursday. 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 12-month low of $25.89 and a 12-month high of $53.20. The firm has a 50 day moving average of $34.09 and a two-hundred day moving average of $35.96. The firm has a market capitalization of $19.00 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was 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%.

About Devon Energy

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.