TT Capital Management LLC Makes New $1.02 Million Investment in Devon Energy Corporation $DVN

TT Capital Management LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 32,161 shares of the energy company’s stock, valued at approximately $1,024,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in Devon Energy in the second quarter worth $25,000. Trust Co. of Vermont lifted its position in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after buying an additional 666 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Devon Energy during the 2nd quarter valued at $34,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $34,000. Finally, Creative Financial Designs Inc. ADV increased its stake in shares of Devon Energy by 63.3% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 1,411 shares of the energy company’s stock worth $45,000 after acquiring an additional 547 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on DVN. Raymond James Financial boosted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Wells Fargo & Company lowered their target price on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Barclays reduced their price objective on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. BMO Capital Markets dropped their target price on Devon Energy from $51.00 to $50.00 in a report on Tuesday, November 11th. Finally, Capital One Financial cut their target price on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $44.90.

Devon Energy Stock Performance

DVN stock opened at $37.52 on Friday. The stock’s 50 day simple moving average is $34.65 and its 200 day simple moving average is $34.06. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $38.88. The stock has a market capitalization of $23.53 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 2.85 and a beta of 0.62.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The firm had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. As a group, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.6%. Devon Energy’s dividend payout ratio is currently 22.59%.

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.