Lazari Capital Management Inc. Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Lazari Capital Management Inc. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,400 shares of the energy company’s stock after purchasing an additional 893 shares during the quarter. Lazari Capital Management Inc.’s holdings in Devon Energy were worth $1,267,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy in the second quarter valued at approximately $1,026,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $30,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Devon Energy during the 2nd quarter valued at $711,000. MCF Advisors LLC increased its holdings in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after buying an additional 16,490 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.2 %

Shares of NYSE:DVN opened at $40.17 on Wednesday. The firm has a market cap of $25.39 billion, a PE ratio of 7.67, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a fifty day simple moving average of $41.96 and a 200 day simple moving average of $46.05. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. The company’s revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research analyst reports. 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. Susquehanna decreased their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Morgan Stanley reduced their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Evercore ISI decreased their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $52.53.

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.