QRG Capital Management Inc. Purchases 68,583 Shares of Devon Energy Co. (NYSE:DVN)

QRG Capital Management Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 291.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 92,098 shares of the energy company’s stock after buying an additional 68,583 shares during the period. QRG Capital Management Inc.’s holdings in Devon Energy were worth $3,014,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $230,928,000. Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of 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 worth $89,170,000 after acquiring an additional 1,296,590 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE DVN opened at $36.24 on Friday. The stock has a market cap of $23.52 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 1.20 and a beta of 1.98. 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 $30.39 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $34.94 and its 200 day simple moving average is $38.05.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.65%. Devon Energy’s dividend payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

DVN has been the subject of several analyst reports. Citigroup lowered their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research note on Thursday, December 5th. TD Cowen decreased their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Company 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.