Devon Energy Co. (NYSE:DVN) Shares Sold by Quadrant Capital Group LLC

Quadrant Capital Group LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 11.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,799 shares of the energy company’s stock after selling 861 shares during the period. Quadrant Capital Group LLC’s holdings in Devon Energy were worth $223,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Hurley Capital LLC acquired a new stake in Devon Energy in the fourth quarter valued at $26,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC purchased a new stake in Devon Energy during the fourth quarter worth about $43,000. Endeavor Private Wealth Inc. acquired a new position in Devon Energy during the fourth quarter worth about $52,000. Finally, Thompson Investment Management Inc. increased its holdings in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after buying an additional 600 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 6.3 %

Shares of DVN opened at $26.81 on Wednesday. Devon Energy Co. has a fifty-two week low of $26.41 and a fifty-two week high of $55.09. The company’s fifty day moving average is $34.76 and its two-hundred day moving average is $36.42. The firm has a market cap of $17.40 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Analysts forecast that Devon Energy Co. will post 4.85 earnings per share 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. This represents a $0.96 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DVN. Piper Sandler boosted their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Finally, Barclays upped their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

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.