QRG Capital Management Inc. Purchases 68,583 Shares of Devon Energy Co. (NYSE:DVN)

QRG Capital Management Inc. grew its position in shares of Devon Energy Co. (NYSE:DVN) by 291.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,098 shares of the energy company’s stock after buying an additional 68,583 shares during the quarter. QRG Capital Management Inc.’s holdings in Devon Energy were worth $3,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. increased its holdings in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares during the last quarter. Sfmg LLC grew its position in shares of Devon Energy by 0.5% in the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after acquiring an additional 294 shares during the period. Redwood Wealth Management Group LLC increased its stake in shares of Devon Energy by 3.9% during the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after purchasing an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Devon Energy by 1.6% in the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares during the period. Finally, Annex Advisory Services LLC raised its holdings in shares of Devon Energy by 1.2% in the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 1.0 %

Shares of DVN stock opened at $36.24 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock’s fifty day moving average price is $34.94 and its two-hundred day moving average price is $38.05. 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 $23.52 billion, a PE ratio of 7.95, a P/E/G ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Equities analysts predict that Devon Energy Co. will post 4.85 EPS 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. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.65%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DVN. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.87.

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.