Catalyst Capital Advisors LLC Raises Stock Position in Devon Energy Co. (NYSE:DVN)

Catalyst Capital Advisors LLC boosted its position in shares of Devon Energy Co. (NYSE:DVNGet Rating) by 31,173.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,998 shares of the energy company’s stock after purchasing an additional 80,739 shares during the period. Catalyst Capital Advisors LLC’s holdings in Devon Energy were worth $3,568,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of DVN. Center for Financial Planning Inc. purchased a new position in Devon Energy during the third quarter worth about $190,000. Principal Financial Group Inc. increased its position in shares of Devon Energy by 6.3% during the third quarter. Principal Financial Group Inc. now owns 793,637 shares of the energy company’s stock valued at $28,182,000 after acquiring an additional 47,025 shares during the last quarter. Pinebridge Investments L.P. acquired a new stake in shares of Devon Energy during the third quarter valued at about $75,000. CIBC Asset Management Inc increased its position in shares of Devon Energy by 3.8% during the third quarter. CIBC Asset Management Inc now owns 56,173 shares of the energy company’s stock valued at $1,995,000 after acquiring an additional 2,046 shares during the last quarter. Finally, Sawtooth Solutions LLC acquired a new stake in shares of Devon Energy during the third quarter valued at about $236,000. 87.01% of the stock is currently owned by institutional investors.

In related news, EVP Dennis C. Cameron sold 4,143 shares of the company’s stock in a transaction on Monday, April 4th. The shares were sold at an average price of $61.45, for a total value of $254,587.35. Following the completion of the sale, the executive vice president now owns 284,806 shares in the company, valued at approximately $17,501,328.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Dennis C. Cameron sold 8,626 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $53.68, for a total transaction of $463,043.68. The disclosure for this sale can be found here. Insiders have sold a total of 192,880 shares of company stock valued at $11,779,273 in the last 90 days. Insiders own 0.59% of the company’s stock.

DVN has been the subject of a number of recent analyst reports. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Friday. Susquehanna Bancshares lifted their price objective on shares of Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Credit Suisse Group lifted their price objective on shares of Devon Energy from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, February 16th. Raymond James lifted their price objective on shares of Devon Energy from $85.00 to $90.00 in a report on Monday, May 9th. Finally, The Goldman Sachs Group cut shares of Devon Energy from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $46.00 to $52.00 in a report on Friday, January 21st. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $67.39.

NYSE DVN traded up $4.09 on Friday, hitting $68.70. 13,287,737 shares of the stock were exchanged, compared to its average volume of 11,055,111. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.69. Devon Energy Co. has a fifty-two week low of $24.05 and a fifty-two week high of $69.75. The company has a market cap of $45.34 billion, a PE ratio of 12.89 and a beta of 2.61. The company has a 50-day moving average price of $60.80 and a 200-day moving average price of $51.91.

Devon Energy (NYSE:DVNGet Rating) last issued its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.02 billion. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. During the same quarter in the previous year, the firm earned $0.45 EPS. As a group, equities research analysts predict that Devon Energy Co. will post 8.49 EPS for the current fiscal year.

Devon Energy announced that its board has approved a stock repurchase plan on Monday, May 2nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the energy company to reacquire up to 4.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Monday, June 13th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 7.39%. The ex-dividend date is Friday, June 10th. This is an increase from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s payout ratio is currently 75.05%.

Devon Energy Profile (Get Rating)

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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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

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