Pine Valley Investments Ltd Liability Co Acquires New Stake in Devon Energy Co. (NYSE:DVN)

Pine Valley Investments Ltd Liability Co acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,331 shares of the energy company’s stock, valued at approximately $209,000.

Other hedge funds also recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC purchased a new position in Devon Energy in the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in Devon Energy in the third quarter valued at $230,928,000. International Assets Investment Management LLC boosted its position in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research analyst reports. Citigroup decreased their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Piper Sandler upped their price target on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Finally, Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.75.

Devon Energy Stock Down 0.1 %

DVN stock opened at $33.86 on Friday. The company has a 50 day moving average price of $38.75 and a two-hundred day moving average price of $42.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $22.24 billion, a P/E ratio of 6.28, a PEG ratio of 1.10 and a beta of 1.99. Devon Energy Co. has a one year low of $33.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.