Midwest Financial Group LLC Has $889,000 Stake in Devon Energy Co. (NYSE:DVN)

Midwest Financial Group LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 7.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,617 shares of the energy company’s stock after buying an additional 1,357 shares during the period. Midwest Financial Group LLC’s holdings in Devon Energy were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Lord Abbett & CO. LLC lifted its stake in shares of Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Devon Energy by 64.4% in the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after acquiring an additional 21,400 shares during the last quarter. Point72 Europe London LLP bought a new position in shares of Devon Energy in the 2nd quarter valued at $15,068,000. Finally, Pearl River Capital LLC lifted its stake in shares of Devon Energy by 367.7% in the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after acquiring an additional 58,997 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus decreased their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. UBS Group decreased their price objective on Devon Energy from $52.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, December 14th. Finally, Citigroup increased their price objective on Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, March 18th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.94.

Devon Energy Stock Up 1.4 %

Shares of DVN stock traded up $0.73 on Friday, reaching $53.27. 7,595,729 shares of the company were exchanged, compared to its average volume of 7,331,053. The company has a market cap of $33.83 billion, a price-to-earnings ratio of 9.14 and a beta of 2.19. The company has a 50-day moving average of $45.67 and a 200-day moving average of $45.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the firm earned $1.66 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 4.87 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.30%. Devon Energy’s payout ratio is 15.09%.

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.