Stoneridge Investment Partners LLC Sells 2,575 Shares of Devon Energy Co. (NYSE:DVN)

Stoneridge Investment Partners LLC cut its stake in Devon Energy Co. (NYSE:DVN) by 3.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,237 shares of the energy company’s stock after selling 2,575 shares during the quarter. Devon Energy accounts for about 1.2% of Stoneridge Investment Partners LLC’s investment portfolio, making the stock its 26th largest holding. Stoneridge Investment Partners LLC’s holdings in Devon Energy were worth $3,092,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new stake in Devon Energy during the fourth quarter valued at approximately $791,000. Wahed Invest LLC lifted its stake in Devon Energy by 6.3% in the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after purchasing an additional 648 shares in the last quarter. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the 1st quarter valued at approximately $30,000. MCF Advisors LLC grew its holdings in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Devon Energy by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock worth $548,000 after buying an additional 3,079 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DVN. Bank of America reissued a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Sanford C. Bernstein decreased their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Susquehanna dropped their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.81.

Devon Energy Price Performance

Shares of NYSE DVN opened at $39.45 on Friday. Devon Energy Co. has a fifty-two week low of $39.02 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market cap of $24.93 billion, a PE ratio of 7.53, a P/E/G ratio of 1.13 and a beta of 2.03. The business has a 50-day simple moving average of $44.64 and a two-hundred day simple moving average of $47.41.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 EPS. As a group, equities analysts expect that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

About Devon Energy

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.