Brooklyn Investment Group Makes New $178,000 Investment in Devon Energy Co. (NYSE:DVN)

Brooklyn Investment Group bought a new stake in Devon Energy Co. (NYSE:DVN) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 4,555 shares of the energy company’s stock, valued at approximately $178,000.

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Prospector Partners LLC grew its stake in Devon Energy by 20.3% in the third quarter. Prospector Partners LLC now owns 81,930 shares of the energy company’s stock worth $3,205,000 after purchasing an additional 13,800 shares in the last quarter. FMR LLC lifted its holdings in Devon Energy by 39.8% during the 3rd quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock worth $67,370,000 after buying an additional 489,964 shares during the last quarter. Summit Financial Wealth Advisors LLC grew its position in shares of Devon Energy by 4.2% in the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 78,053 shares of the energy company’s stock worth $3,053,000 after acquiring an additional 3,145 shares in the last quarter. Hancock Whitney Corp increased its holdings in shares of Devon Energy by 8.0% in the 3rd quarter. Hancock Whitney Corp now owns 14,823 shares of the energy company’s stock valued at $580,000 after acquiring an additional 1,104 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its position in shares of Devon Energy by 1,365.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 14,321 shares of the energy company’s stock valued at $560,000 after acquiring an additional 13,344 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $37.83 on Thursday. The stock has a market cap of $24.85 billion, a price-to-earnings ratio of 7.02, a PEG ratio of 1.21 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 12 month low of $37.28 and a 12 month high of $55.09. The stock’s 50 day moving average price is $39.85 and its 200 day moving average price is $43.73.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Raymond James decreased their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Finally, Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.15.

Devon Energy 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.