Prospector Partners LLC Has $3.21 Million Position in Devon Energy Co. (NYSE:DVN)

Prospector Partners LLC lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 20.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,930 shares of the energy company’s stock after buying an additional 13,800 shares during the period. Prospector Partners LLC’s holdings in Devon Energy were worth $3,205,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. FMR LLC raised its position in Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock worth $67,370,000 after acquiring an additional 489,964 shares in the last quarter. Summit Financial Wealth Advisors LLC increased its stake in shares of Devon Energy by 4.2% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 78,053 shares of the energy company’s stock worth $3,053,000 after purchasing an additional 3,145 shares during the last quarter. Hancock Whitney Corp raised its holdings in shares of Devon Energy by 8.0% in the 3rd quarter. Hancock Whitney Corp now owns 14,823 shares of the energy company’s stock valued at $580,000 after purchasing an additional 1,104 shares during the period. Loomis Sayles & Co. L P lifted its stake in Devon Energy by 1,365.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 14,321 shares of the energy company’s stock valued at $560,000 after purchasing an additional 13,344 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC grew its holdings in Devon Energy by 5.7% during the third quarter. Bedell Frazier Investment Counselling LLC now owns 51,596 shares of the energy company’s stock worth $2,018,000 after purchasing an additional 2,771 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $38.28 on Tuesday. The firm has a market capitalization of $25.14 billion, a price-to-earnings ratio of 7.10, a PEG ratio of 1.25 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $39.91 and its 200-day moving average price is $43.81. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.30%. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Scotiabank decreased their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Piper Sandler lifted their price target on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Raymond James decreased their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Hold” and a consensus price target of $51.85.

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.