AlphaQuest LLC Buys 36,663 Shares of Devon Energy Corporation $DVN

AlphaQuest LLC boosted its position in Devon Energy Corporation (NYSE:DVN) by 835.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,049 shares of the energy company’s stock after acquiring an additional 36,663 shares during the period. AlphaQuest LLC’s holdings in Devon Energy were worth $1,439,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Devon Energy by 83.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after purchasing an additional 2,083,600 shares during the last quarter. Sourcerock Group LLC boosted its stake in Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Devon Energy by 93.4% during the second quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock valued at $47,916,000 after buying an additional 727,532 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Devon Energy by 44.6% in the second quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock worth $52,107,000 after acquiring an additional 505,382 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and increased their target price for the company from $40.00 to $46.00 in a report on Friday, December 12th. Zacks Research lowered shares of Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Susquehanna increased their price target on Devon Energy from $42.00 to $45.00 and gave the company a “positive” rating in a research note on Monday, January 26th. Royal Bank Of Canada set a $42.00 price objective on shares of Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th. Finally, Capital One Financial dropped their price objective on shares of Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.76.

Devon Energy Stock Performance

Shares of DVN stock opened at $40.14 on Friday. The firm has a market cap of $25.18 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 3.64 and a beta of 0.60. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $36.99 and its 200 day moving average is $35.02. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $41.31.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same period last year, the business earned $1.10 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. Devon Energy’s payout ratio is presently 22.59%.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.