MQS Management LLC Purchases Shares of 11,612 Devon Energy Co. (NYSE:DVN)

MQS Management LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,612 shares of the energy company’s stock, valued at approximately $454,000.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. grew its stake in shares of Devon Energy by 3.6% during the 1st quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock worth $11,462,000 after acquiring an additional 7,931 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Devon Energy by 28.3% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 22,975 shares of the energy company’s stock worth $1,153,000 after purchasing an additional 5,074 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Devon Energy by 5.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 796,732 shares of the energy company’s stock valued at $40,323,000 after purchasing an additional 43,263 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Devon Energy by 36.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 893,015 shares of the energy company’s stock valued at $44,811,000 after buying an additional 238,858 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its position in Devon Energy by 55.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 39,149 shares of the energy company’s stock worth $1,965,000 after buying an additional 13,961 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DVN. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Scotiabank cut their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.80.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $39.10 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market cap of $25.68 billion, a price-to-earnings ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03. The stock’s fifty day moving average price is $40.20 and its two-hundred day moving average price is $44.55. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. Devon Energy’s payout ratio is 16.33%.

Devon Energy 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.