Cibc World Markets Corp Boosts Position in Devon Energy Co. (NYSE:DVN)

Cibc World Markets Corp raised its stake in Devon Energy Co. (NYSE:DVN) by 20.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,204 shares of the energy company’s stock after acquiring an additional 17,135 shares during the quarter. Cibc World Markets Corp’s holdings in Devon Energy were worth $3,345,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in DVN. Cromwell Holdings LLC raised its holdings in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the fourth quarter worth $43,000. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares during the last quarter. Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the last quarter. Finally, Endeavor Private Wealth Inc. acquired a new position in shares of Devon Energy in the fourth quarter worth $52,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on DVN shares. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Susquehanna upped their target price on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Finally, Raymond James dropped their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Price Performance

Shares of NYSE DVN opened at $36.14 on Friday. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The business has a 50-day moving average of $35.46 and a 200-day moving average of $37.12. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $23.46 billion, a price-to-earnings ratio of 7.93, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. On average, equities analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.66%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

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.