Devon Energy Co. (NYSE:DVN) Position Boosted by Kamunting Street Capital Management L.P.

Kamunting Street Capital Management L.P. raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 57.8% during the fourth quarter, Holdings Channel reports. The firm owned 506,656 shares of the energy company’s stock after buying an additional 185,503 shares during the quarter. Devon Energy makes up approximately 14.3% of Kamunting Street Capital Management L.P.’s portfolio, making the stock its 3rd biggest position. Kamunting Street Capital Management L.P.’s holdings in Devon Energy were worth $16,583,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its stake in Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the period. Victory Capital Management Inc. lifted its position in Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after buying an additional 232,469 shares during the period. Invesco Ltd. grew its position in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after buying an additional 2,335,473 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of Devon Energy by 10.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 5,694,373 shares of the energy company’s stock worth $186,714,000 after acquiring an additional 554,219 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $29.50 on Tuesday. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $53.20. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market cap of $19.15 billion, a price-to-earnings ratio of 6.47, a PEG ratio of 1.20 and a beta of 1.50. The business has a 50-day simple moving average of $33.83 and a two-hundred day simple moving average of $35.67.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.25%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. Citigroup decreased their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. 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 research note on Monday, April 7th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Finally, Wells Fargo & Company decreased their target price on shares of Devon Energy from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.71.

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.