MQS Management LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

MQS Management LLC bought a new stake in Devon Energy Co. (NYSE:DVN) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 11,612 shares of the energy company’s stock, valued at approximately $454,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Triad Wealth Partners LLC acquired a new position in Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy in the 2nd quarter valued at $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the third quarter worth $35,000. PSI Advisors LLC grew its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC bought a new stake in Devon Energy in the first quarter worth approximately $39,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of several recent analyst reports. UBS Group reduced their price objective 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. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Evercore ISI dropped their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Sanford C. Bernstein reduced their price objective 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. Finally, Mizuho lowered their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. 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’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Hold” and an average price target of $51.80.

Devon Energy Price Performance

DVN opened at $39.10 on Thursday. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm has a 50-day moving average of $40.20 and a 200 day moving average of $44.55. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market cap of $25.68 billion, a P/E ratio of 7.25, a PEG ratio of 1.19 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its 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 firm 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 firm earned $1.65 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Dividend Announcement

The company 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 dividend of $0.22 per share. 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 dividend payout ratio is presently 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.