Gallacher Capital Management LLC Purchases 4,675 Shares of Devon Energy Co. (NYSE:DVN)

Gallacher Capital Management LLC grew its position in Devon Energy Co. (NYSE:DVN) by 99.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,392 shares of the energy company’s stock after buying an additional 4,675 shares during the period. Gallacher Capital Management LLC’s holdings in Devon Energy were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy during the third quarter worth about $27,000. Sound Income Strategies LLC raised its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC lifted its position in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. PFS Partners LLC acquired a new stake in Devon Energy in the 4th quarter valued at $36,000. Finally, Naples Money Management LLC acquired a new stake in Devon Energy in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DVN shares. Citigroup lifted their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. UBS Group upped their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Stifel Nicolaus increased their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Trading Up 0.4 %

DVN stock traded up $0.20 during midday trading on Friday, reaching $50.54. The stock had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The firm has a market cap of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The business has a fifty day simple moving average of $49.62 and a two-hundred day simple moving average of $46.28.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. Devon Energy’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

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.