Quinn Opportunity Partners LLC Has $1.64 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Quinn Opportunity Partners LLC raised its stake in Devon Energy Co. (NYSE:DVN) by 150.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,000 shares of the energy company’s stock after acquiring an additional 30,000 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Devon Energy were worth $1,636,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Hurley Capital LLC bought a new stake in Devon Energy in the 4th quarter valued at about $26,000. Cromwell Holdings LLC boosted 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 buying an additional 598 shares during the period. Sierra Ocean LLC bought a new position in Devon Energy during the 4th quarter worth $43,000. Endeavor Private Wealth Inc. bought a new stake in shares of Devon Energy during the 4th quarter valued at $52,000. Finally, Thompson Investment Management Inc. grew its holdings in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent analyst reports. Mizuho cut their price objective on shares of Devon Energy from $49.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. UBS Group lowered their price objective on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Raymond James reduced their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, March 10th. Finally, Scotiabank lowered their price target on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a report on Friday. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.08.

Devon Energy Stock Up 1.7 %

Devon Energy stock opened at $28.23 on Friday. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 52-week low of $25.89 and a 52-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 firm has a 50 day moving average price of $34.38 and a two-hundred day moving average price of $36.14.

Devon Energy (NYSE:DVN) last announced its 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 during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.40%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s payout ratio is currently 21.05%.

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.