Olympiad Research LP Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Olympiad Research LP lifted its position in Devon Energy Co. (NYSE:DVN) by 80.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,215 shares of the energy company’s stock after purchasing an additional 8,983 shares during the quarter. Olympiad Research LP’s holdings in Devon Energy were worth $791,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Pacer Advisors Inc. boosted its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the period. Raymond James & Associates boosted its stake in Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares during the period. Dimensional Fund Advisors LP boosted its stake in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after buying an additional 699,743 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.7 %

NYSE DVN opened at $40.01 on Thursday. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The firm has a market cap of $25.05 billion, a PE ratio of 7.26, a P/E/G ratio of 1.20 and a beta of 2.03. The firm’s fifty day moving average is $40.72 and its two-hundred day moving average is $45.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. Analysts expect that Devon Energy Co. will post 4.93 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is 15.97%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Mizuho lowered their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.85.

Devon Energy 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.