QRG Capital Management Inc. Boosts Stake in Devon Energy Co. (NYSE:DVN)

QRG Capital Management Inc. raised its stake in shares of Devon Energy Co. (NYSE:DVNFree Report) by 30.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 28,081 shares of the energy company’s stock after purchasing an additional 6,558 shares during the period. QRG Capital Management Inc.’s holdings in Devon Energy were worth $1,272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC lifted its position in shares of Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares during the last quarter. Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of Devon Energy by 0.8% during the third quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after purchasing an additional 256 shares during the period. Finally, Cullen Frost Bankers Inc. grew its stake in Devon Energy by 5.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after acquiring an additional 271 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on DVN shares. Susquehanna increased their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Royal Bank of Canada increased their price target on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Thursday, May 9th. Piper Sandler raised their price target on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.83.

Get Our Latest Stock Report on DVN

Devon Energy Trading Down 0.2 %

Shares of Devon Energy stock opened at $49.71 on Thursday. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a market cap of $31.42 billion, a PE ratio of 9.49 and a beta of 2.15. The firm has a fifty day moving average price of $50.56 and a 200 day moving average price of $46.41.

Devon Energy (NYSE:DVNGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. Equities research analysts predict that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.77%. Devon Energy’s payout ratio is 16.79%.

Insider Activity at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.63% of the company’s stock.

Devon Energy Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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