Essex Investment Management Co. LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 37,520 shares of the energy company’s stock, valued at approximately $1,377,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Park National Corp OH boosted its holdings in shares of Devon Energy Corporation by 0.8% during the 2nd quarter. Park National Corp OH now owns 6,779 shares of the energy company’s stock valued at $217,000 after acquiring an additional 54 shares during the last quarter. Point View Wealth Management Inc. boosted its holdings in shares of Devon Energy Corporation by 1.2% in the second quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after buying an additional 95 shares during the last quarter. Honkamp Krueger Financial Services Inc. boosted its holdings in shares of Devon Energy Corporation by 1.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 7,048 shares of the energy company’s stock worth $225,000 after buying an additional 96 shares during the last quarter. Wedbush Securities Inc. boosted its holdings in shares of Devon Energy Corporation by 1.1% in the second quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after buying an additional 99 shares during the last quarter. Finally, Kanawha Capital Management LLC boosted its holdings in shares of Devon Energy Corporation by 0.3% in the second quarter. Kanawha Capital Management LLC now owns 41,726 shares of the energy company’s stock worth $1,334,000 after buying an additional 130 shares during the last quarter. 77.30% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on DVN. Stephens raised shares of Devon Energy Corporation from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a report on Thursday. Cowen and Company set a $40.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley raised their price objective on shares of Devon Energy Corporation from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. BMO Capital Markets set a $45.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, Jefferies Group LLC raised shares of Devon Energy Corporation from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.89.

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Shares of Devon Energy Corporation (NYSE:DVN) opened at $39.27 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.61 and a debt-to-equity ratio of 0.87. Devon Energy Corporation has a 1 year low of $28.79 and a 1 year high of $50.69. The stock has a market cap of $20.64 billion, a P/E ratio of 26.60, a PEG ratio of 1.24 and a beta of 2.22.

Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Devon Energy Corporation had a return on equity of 6.88% and a net margin of 11.62%. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the company earned $1.89 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year. sell-side analysts expect that Devon Energy Corporation will post 1.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy Corporation’s dividend payout ratio is currently 8.16%.

About Devon Energy Corporation

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

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Institutional Ownership by Quarter for Devon Energy Corporation (NYSE:DVN)

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