Principal Street Partners LLC Invests $4.56 Million in Devon Energy Co. (NYSE:DVN)

Principal Street Partners LLC acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 116,486 shares of the energy company’s stock, valued at approximately $4,562,000.

Other large investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in shares of Devon Energy during the 3rd quarter valued at $178,000. Prospector Partners LLC raised its holdings in shares of Devon Energy by 20.3% during the third quarter. Prospector Partners LLC now owns 81,930 shares of the energy company’s stock worth $3,205,000 after acquiring an additional 13,800 shares in the last quarter. FMR LLC boosted its position in Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock valued at $67,370,000 after purchasing an additional 489,964 shares during the last quarter. Summit Financial Wealth Advisors LLC grew its stake in Devon Energy by 4.2% in the third quarter. Summit Financial Wealth Advisors LLC now owns 78,053 shares of the energy company’s stock valued at $3,053,000 after purchasing an additional 3,145 shares in the last quarter. Finally, Hancock Whitney Corp increased its position in Devon Energy by 8.0% in the 3rd quarter. Hancock Whitney Corp now owns 14,823 shares of the energy company’s stock worth $580,000 after purchasing an additional 1,104 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $37.94 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average price is $39.91 and its two-hundred day moving average price is $43.81. The firm has a market capitalization of $24.92 billion, a P/E ratio of 7.10, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $1.65 earnings per share. On average, equities analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy’s payout ratio is 16.33%.

Analyst Ratings Changes

DVN has been the subject of several research reports. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Evercore ISI decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Susquehanna reduced their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. One investment 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, the stock currently has an average rating of “Hold” and an average target price of $51.85.

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.