IMS Capital Management Increases Position in Devon Energy Co. (NYSE:DVN)

IMS Capital Management grew its holdings in Devon Energy Co. (NYSE:DVN) by 49.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,660 shares of the energy company’s stock after purchasing an additional 6,165 shares during the quarter. IMS Capital Management’s holdings in Devon Energy were worth $730,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. grew its holdings in Devon Energy by 5.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock valued at $285,000 after buying an additional 335 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Devon Energy by 59.2% during the second quarter. Nisa Investment Advisors LLC now owns 90,101 shares of the energy company’s stock worth $4,271,000 after purchasing an additional 33,515 shares during the period. Fifth Third Bancorp boosted its holdings in Devon Energy by 1.4% in the 2nd quarter. Fifth Third Bancorp now owns 22,255 shares of the energy company’s stock valued at $1,055,000 after purchasing an additional 299 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $368,000. Finally, Rockland Trust Co. increased its holdings in shares of Devon Energy by 9.3% during the 2nd quarter. Rockland Trust Co. now owns 4,690 shares of the energy company’s stock worth $222,000 after buying an additional 400 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Monday. BMO Capital Markets decreased their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Citigroup dropped their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

Shares of DVN opened at $32.16 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 52-week low of $31.85 and a 52-week high of $55.09. The stock has a 50 day moving average price of $38.35 and a 200 day moving average price of $42.32. The company has a market capitalization of $21.13 billion, a price-to-earnings ratio of 5.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm 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 firm posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. Research analysts predict that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.74%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Devon Energy Company 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.