Quent Capital LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Quent Capital LLC lowered its stake in Devon Energy Co. (NYSE:DVN) by 19.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,749 shares of the energy company’s stock after selling 1,354 shares during the quarter. Quent Capital LLC’s holdings in Devon Energy were worth $225,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Collective Family Office LLC grew its position in Devon Energy by 47.7% in the third quarter. Collective Family Office LLC now owns 6,305 shares of the energy company’s stock worth $247,000 after acquiring an additional 2,035 shares in the last quarter. Rockland Trust Co. grew its position in Devon Energy by 17.9% in the 3rd quarter. Rockland Trust Co. now owns 5,530 shares of the energy company’s stock valued at $216,000 after acquiring an additional 840 shares during the last quarter. Czech National Bank lifted its position in shares of Devon Energy by 5.9% during the third quarter. Czech National Bank now owns 127,563 shares of the energy company’s stock worth $4,990,000 after purchasing an additional 7,129 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Devon Energy by 13.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock valued at $137,000 after purchasing an additional 406 shares during the period. Finally, M&R Capital Management Inc. grew its holdings in shares of Devon Energy by 2.1% in the third quarter. M&R Capital Management Inc. now owns 179,265 shares of the energy company’s stock worth $7,013,000 after purchasing an additional 3,604 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.5 %

NYSE:DVN opened at $42.42 on Friday. The company’s 50 day moving average is $42.66 and its two-hundred day moving average is $46.82. The company has a market cap of $26.81 billion, a PE ratio of 8.10, a P/E/G ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.18 EPS. Analysts anticipate that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.07%. Devon Energy’s dividend payout ratio is presently 16.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday. Piper Sandler decreased their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Truist Financial dropped their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Susquehanna decreased their price objective on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $53.79.

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.