Quest Partners LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Quest Partners LLC grew its position in shares of Devon Energy Co. (NYSE:DVN) by 16.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,022 shares of the energy company’s stock after purchasing an additional 9,234 shares during the period. Quest Partners LLC’s holdings in Devon Energy were worth $2,622,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Annex Advisory Services LLC raised its stake in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares during the period. Versant Capital Management Inc boosted its holdings in Devon Energy by 30.4% in the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares during the period. Archer Investment Corp boosted its holdings in Devon Energy by 2.8% in the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after purchasing an additional 236 shares during the period. Finally, Institute for Wealth Management LLC. boosted its holdings in Devon Energy by 4.0% in the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $38.47 on Monday. The firm has a 50-day moving average price of $40.09 and a 200 day moving average price of $44.33. The firm has a market capitalization of $25.27 billion, a PE ratio of 7.14, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company earned $1.65 EPS. Devon Energy’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Co. will post 4.84 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Jefferies Financial Group began coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. UBS Group lowered their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Susquehanna lowered their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price target for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $51.80.

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.