Quad Cities Investment Group LLC Acquires 672 Shares of Devon Energy Co. (NYSE:DVN)

Quad Cities Investment Group LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 16.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,648 shares of the energy company’s stock after buying an additional 672 shares during the quarter. Quad Cities Investment Group LLC’s holdings in Devon Energy were worth $225,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Juncture Wealth Strategies LLC boosted its position in Devon Energy by 32.0% during the 2nd quarter. Juncture Wealth Strategies LLC now owns 11,300 shares of the energy company’s stock valued at $546,000 after acquiring an additional 2,741 shares in the last quarter. Worth Asset Management LLC raised its holdings in Devon Energy by 1,597.3% in the second quarter. Worth Asset Management LLC now owns 3,140 shares of the energy company’s stock worth $152,000 after purchasing an additional 2,955 shares in the last quarter. Janiczek Wealth Management LLC lifted its position in Devon Energy by 6.0% during the second quarter. Janiczek Wealth Management LLC now owns 3,543 shares of the energy company’s stock valued at $171,000 after buying an additional 202 shares during the period. Castle Rock Wealth Management LLC boosted its holdings in shares of Devon Energy by 16.1% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 17,583 shares of the energy company’s stock valued at $853,000 after buying an additional 2,442 shares in the last quarter. Finally, Good Life Advisors LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $303,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

DVN stock opened at $49.50 on Tuesday. The company has a market cap of $31.71 billion, a P/E ratio of 6.77, a price-to-earnings-growth ratio of 0.17 and a beta of 2.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.98 and a quick ratio of 0.90. Devon Energy Co. has a 1 year low of $44.03 and a 1 year high of $78.82. The stock’s fifty day moving average price is $51.05 and its 200-day moving average price is $50.43.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the company posted $2.59 EPS. The business’s quarterly revenue was down 38.6% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.49 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.96 annualized dividend and a yield of 3.96%. Devon Energy’s payout ratio is presently 10.94%.

Analyst Ratings Changes

Several equities research analysts recently commented on DVN shares. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Monday. Mizuho upped their price target on Devon Energy from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Monday. Evercore ISI lowered their price objective on Devon Energy from $52.00 to $50.00 in a research note on Monday, July 10th. Morgan Stanley increased their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus lifted their price target on Devon Energy from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, August 25th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.83.

Insider Transactions at Devon Energy

In other news, EVP Dennis C. Cameron sold 7,870 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.13, for a total value of $402,393.10. Following the completion of the sale, the executive vice president now directly owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.63% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.