Quinn Opportunity Partners LLC Has $1.64 Million Position in Devon Energy Co. (NYSE:DVN)

Quinn Opportunity Partners LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 150.0% in the fourth quarter, HoldingsChannel reports. The firm owned 50,000 shares of the energy company’s stock after buying an additional 30,000 shares during the period. Quinn Opportunity Partners LLC’s holdings in Devon Energy were worth $1,636,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Vanguard Group Inc. boosted its position in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Devon Energy during the 4th quarter worth approximately $154,170,000. Invesco Ltd. boosted its holdings in Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after acquiring an additional 2,335,473 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after acquiring an additional 1,296,590 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

DVN opened at $28.23 on Friday. The firm has a market cap of $18.32 billion, a P/E ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $55.09. The firm has a 50-day moving average of $34.38 and a 200 day moving average of $36.14.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date was Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group cut their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Benchmark reiterated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Piper Sandler upped their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.08.

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.