Saxon Interests Inc. Invests $934,000 in Devon Energy Co. (NYSE:DVN)

Saxon Interests Inc. bought a new position in Devon Energy Co. (NYSE:DVN) during the fourth quarter, Holdings Channel reports. The firm bought 20,613 shares of the energy company’s stock, valued at approximately $934,000.

Other large investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the first quarter valued at approximately $26,000. Fortis Capital Advisors LLC purchased a new position in Devon Energy in the fourth quarter valued at $31,000. KB Financial Partners LLC purchased a new stake in Devon Energy during the 1st quarter worth about $26,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy in the 2nd quarter valued at about $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy in the 3rd quarter valued at about $27,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 1.5 %

Shares of Devon Energy stock traded up $0.72 during trading hours on Friday, reaching $50.18. 9,259,379 shares of the company’s stock were exchanged, compared to its average volume of 7,929,797. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $56.19. The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of 8.61 and a beta of 2.18. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average of $44.45 and a 200-day moving average of $45.47.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm earned $1.66 EPS. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Citigroup boosted their target price on Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $57.00 to $58.00 in a research note on Wednesday, December 6th. Mizuho decreased their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Raymond James decreased their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Finally, UBS Group decreased their price target on Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, December 14th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.19.

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.