iA Global Asset Management Inc. Makes New $3.40 Million Investment in Devon Energy Corporation $DVN

iA Global Asset Management Inc. bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the 4th quarter, Holdings Channel reports. The fund bought 92,919 shares of the energy company’s stock, valued at approximately $3,404,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Catalyst Financial Partners LLC boosted its holdings in Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after acquiring an additional 254 shares in the last quarter. Aprio Wealth Management LLC raised its holdings in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after purchasing an additional 297 shares in the last quarter. Accredited Wealth Management LLC lifted its position in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares during the period. Lindenwold Advisors INC lifted its position in shares of Devon Energy by 1.2% in the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company’s stock worth $950,000 after purchasing an additional 314 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of Devon Energy by 2.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company’s stock valued at $442,000 after purchasing an additional 318 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on DVN shares. Sanford C. Bernstein increased their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. TD Cowen lifted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Raymond James Financial upgraded Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a report on Tuesday, May 5th. Citigroup increased their target price on Devon Energy from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Finally, Evercore started coverage on Devon Energy in a research report on Friday. They set an “in-line” rating and a $54.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.41.

Devon Energy Trading Up 0.1%

NYSE:DVN opened at $49.55 on Monday. Devon Energy Corporation has a one year low of $30.24 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company’s 50-day simple moving average is $47.75 and its 200 day simple moving average is $41.44. The firm has a market capitalization of $30.79 billion, a P/E ratio of 13.80 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business posted $0.82 EPS. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, analysts forecast that Devon Energy Corporation will post 5.25 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. Devon Energy’s dividend payout ratio is 26.74%.

Insider Buying and Selling

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is owned by company insiders.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.