Quarry LP Increases Holdings in Devon Energy Co. (NYSE:DVN)

Quarry LP lifted its position in Devon Energy Co. (NYSE:DVN) by 32.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,832 shares of the energy company’s stock after buying an additional 445 shares during the period. Quarry LP’s holdings in Devon Energy were worth $87,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Eagle Asset Management Inc. increased its holdings in Devon Energy by 252.7% during the fourth quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock valued at $2,190,000 after buying an additional 34,632 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. NEOS Investment Management LLC increased its position in Devon Energy by 35.1% in the fourth quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock worth $412,000 after buying an additional 2,364 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Devon Energy by 35.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 19,208 shares of the energy company’s stock worth $870,000 after buying an additional 5,004 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in shares of Devon Energy by 120.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 67,327 shares of the energy company’s stock valued at $3,050,000 after acquiring an additional 36,719 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.9 %

NYSE DVN opened at $40.50 on Thursday. The company has a market capitalization of $25.60 billion, a price-to-earnings ratio of 7.73, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The company’s 50-day simple moving average is $42.83 and its two-hundred day simple moving average is $46.90. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Equities analysts forecast that Devon Energy Co. will post 5.11 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.17%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Piper Sandler decreased their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday. Truist Financial dropped their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday. Scotiabank dropped their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

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.