Gallacher Capital Management LLC Grows Stock Position in Devon Energy Co. (NYSE:DVN)

Gallacher Capital Management LLC boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 99.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,392 shares of the energy company’s stock after purchasing an additional 4,675 shares during the quarter. Gallacher Capital Management LLC’s holdings in Devon Energy were worth $425,000 as of its most recent SEC filing.

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

Devon Energy Stock Performance

DVN traded up $0.20 during trading on Friday, hitting $50.54. The stock had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The firm has a market capitalization of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.04. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company’s 50-day moving average price is $49.62 and its 200 day moving average price is $46.28.

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

Devon Energy Cuts Dividend

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

Wall Street Analyst Weigh In

DVN has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. UBS Group upped their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Scotiabank lifted their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.