Prospector Partners LLC Has $3.21 Million Holdings in Devon Energy Co. (NYSE:DVN)

Prospector Partners LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 20.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 81,930 shares of the energy company’s stock after buying an additional 13,800 shares during the quarter. Prospector Partners LLC’s holdings in Devon Energy were worth $3,205,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. William B. Walkup & Associates Inc. acquired a new stake in shares of Devon Energy in the 2nd quarter worth about $1,026,000. CIBC Asset Management Inc raised its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the period. Smead Capital Management Inc. raised its holdings in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in shares of Devon Energy during the 3rd quarter worth $592,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Devon Energy during the second quarter worth about $711,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 3.0 %

Shares of Devon Energy stock opened at $38.28 on Tuesday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $39.91 and its 200 day moving average is $43.81. The company has a market cap of $25.14 billion, a price-to-earnings ratio of 7.10, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.65 EPS. Research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.85.

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.