Devon Energy Co. (NYSE:DVN) Shares Sold by Quarry LP

Quarry LP lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 29.5% in the third quarter, HoldingsChannel reports. The fund owned 1,291 shares of the energy company’s stock after selling 541 shares during the quarter. Quarry LP’s holdings in Devon Energy were worth $51,000 at the end of the most recent quarter.

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. purchased a new position in shares of Devon Energy in the 2nd quarter worth $34,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Devon Energy during the third quarter valued at about $35,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Devon Energy during the third quarter worth about $39,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on DVN shares. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Raymond James decreased their price target on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Scotiabank cut their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Piper Sandler upped their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.75.

Devon Energy Price Performance

Shares of DVN stock opened at $34.73 on Wednesday. The firm has a market cap of $22.81 billion, a P/E ratio of 6.44, a P/E/G ratio of 1.11 and a beta of 1.99. The firm has a fifty day moving average of $39.18 and a two-hundred day moving average of $42.83. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $34.69 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

About Devon Energy

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.