Cypress Capital Management LLC WY Grows Position in Devon Energy Co. (NYSE:DVN)

Cypress Capital Management LLC WY boosted its stake in Devon Energy Co. (NYSE:DVN) by 47.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,807 shares of the energy company’s stock after buying an additional 10,557 shares during the quarter. Devon Energy makes up 1.6% of Cypress Capital Management LLC WY’s investment portfolio, making the stock its 16th largest holding. Cypress Capital Management LLC WY’s holdings in Devon Energy were worth $1,486,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Lord Abbett & CO. LLC grew its stake in 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 purchasing an additional 73,570 shares during the period. Nordea Investment Management AB grew its stake in 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 purchasing an additional 9,823 shares during the period. Atria Investments Inc grew its stake in 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 purchasing an additional 21,400 shares during the period. Pearl River Capital LLC grew its stake in 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 purchasing an additional 58,997 shares during the period. Finally, Argent Trust Co grew its stake in Devon Energy by 22.1% in the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 0.8 %

Devon Energy stock traded up $0.41 during trading hours on Monday, reaching $53.12. The company had a trading volume of 3,200,676 shares, compared to its average volume of 7,797,145. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a 50-day moving average price of $48.88 and a 200 day moving average price of $46.18. The firm has a market cap of $33.73 billion, a price-to-earnings ratio of 9.12 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.66 EPS. Equities analysts forecast that Devon Energy Co. will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.31%. Devon Energy’s dividend payout ratio is currently 15.09%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DVN shares. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Mizuho cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Scotiabank raised their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Barclays assumed coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Five investment analysts have rated the stock with a hold rating and thirteen 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 an average target price of $58.33.

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.