Principal Street Partners LLC Invests $4.56 Million in Devon Energy Co. (NYSE:DVN)

Principal Street Partners LLC bought a new stake in Devon Energy Co. (NYSE:DVN) in the third quarter, Holdings Channel reports. The institutional investor bought 116,486 shares of the energy company’s stock, valued at approximately $4,562,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter worth about $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy during the third quarter worth about $35,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy in the 1st quarter valued at approximately $39,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.9 %

Shares of DVN opened at $37.94 on Tuesday. The stock’s fifty day simple moving average is $39.91 and its 200-day simple moving average is $43.81. The firm has a market capitalization of $24.92 billion, a PE ratio of 7.10, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. 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 (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.65 EPS. As a group, research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm 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 $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. Devon Energy’s payout ratio is presently 16.33%.

Analyst Ratings Changes

Several research firms recently commented on DVN. Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.85.

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.