Sentry Investment Management LLC Buys 12,370 Shares of Devon Energy Corp (DVN)

Sentry Investment Management LLC increased its stake in shares of Devon Energy Corp (NYSE:DVN) by 11.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,582 shares of the energy company’s stock after buying an additional 12,370 shares during the quarter. Sentry Investment Management LLC’s holdings in Devon Energy were worth $4,816,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. bought a new position in Devon Energy during the 2nd quarter worth $112,000. Financial Architects Inc grew its stake in shares of Devon Energy by 168.5% in the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after purchasing an additional 1,700 shares in the last quarter. SNS Financial Group LLC bought a new position in shares of Devon Energy in the second quarter worth $201,000. Legacy Capital Partners Inc. bought a new position in shares of Devon Energy in the second quarter worth $202,000. Finally, HM Payson & Co. bought a new position in shares of Devon Energy in the second quarter worth $203,000. Hedge funds and other institutional investors own 83.77% of the company’s stock.

In related news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the transaction, the director now owns 9,704 shares of the company’s stock, valued at $408,926.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.55% of the company’s stock.

Several research analysts have recently issued reports on the company. Royal Bank of Canada decreased their price target on Devon Energy from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday. Susquehanna Bancshares decreased their price target on Devon Energy from $54.00 to $53.00 and set a “positive” rating for the company in a research note on Wednesday, August 1st. Barclays assumed coverage on Devon Energy in a research note on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 price target for the company. BMO Capital Markets reissued a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Tuesday, August 7th. Finally, Zacks Investment Research cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Six equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $49.96.

Shares of DVN stock opened at $32.00 on Friday. Devon Energy Corp has a fifty-two week low of $29.83 and a fifty-two week high of $46.54. The stock has a market cap of $16.75 billion, a P/E ratio of 50.79, a PEG ratio of 1.43 and a beta of 2.27. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 5.85% and a net margin of 16.62%. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up 33.4% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Corp will post 1.49 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.32 annualized dividend and a yield of 1.00%. Devon Energy’s dividend payout ratio is currently 50.79%.

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About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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

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