Quest Partners LLC Grows Holdings in Devon Energy Co. (NYSE:DVN)

Quest Partners LLC boosted its holdings in Devon Energy Co. (NYSE:DVN) by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,022 shares of the energy company’s stock after purchasing an additional 9,234 shares during the quarter. Quest Partners LLC’s holdings in Devon Energy were worth $2,622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy in the 2nd quarter valued at $1,026,000. Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy during the 2nd quarter worth $711,000. Nations Financial Group Inc. IA ADV purchased a new position in Devon Energy during the 3rd quarter worth $592,000. New York State Teachers Retirement System raised its position in Devon Energy by 14.2% during the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after buying an additional 87,462 shares during the last quarter. Finally, CWM LLC raised its position in Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after buying an additional 16,490 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 2.3 %

Shares of DVN stock opened at $38.47 on Monday. The firm has a market cap of $25.27 billion, a P/E ratio of 7.14, a PEG ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s 50-day simple moving average is $40.09 and its 200-day simple moving average is $44.33.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 EPS. As a group, equities analysts forecast that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.29%. Devon Energy’s payout ratio is 16.33%.

Analyst Ratings Changes

A number of equities analysts have commented on DVN shares. Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Wells Fargo & Company cut their price target on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Hold” and an average price target of $51.80.

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.