Magnetar Financial LLC Invests $360,000 in Devon Energy Co. (NYSE:DVN)

Magnetar Financial LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,986 shares of the energy company’s stock, valued at approximately $360,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. bought a new stake in Devon Energy during the 3rd quarter worth $461,857,000. EnCap Partners GP LLC bought a new stake in Devon Energy during the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in Devon Energy during the 3rd quarter worth $230,928,000. Raymond James Financial Inc. bought a new stake in Devon Energy during the 4th quarter worth $154,170,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in Devon Energy by 90.8% during the 4th 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 last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reduced their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Susquehanna upped their price target on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. Raymond James reduced their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Finally, Citigroup reduced their price target on Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. 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 currently has a consensus rating of “Moderate Buy” and an average target price of $48.46.

Devon Energy Stock Up 0.1 %

DVN stock opened at $36.18 on Friday. The stock’s 50 day simple moving average is $35.46 and its 200 day simple moving average is $37.02. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $23.48 billion, a P/E ratio of 7.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

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 for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.65%. Devon Energy’s dividend payout ratio is 21.05%.

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.