Ieq Capital LLC Buys 38,790 Shares of Devon Energy Co. (NYSE:DVN)

Ieq Capital LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 88.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,659 shares of the energy company’s stock after purchasing an additional 38,790 shares during the quarter. Ieq Capital LLC’s holdings in Devon Energy were worth $2,705,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $35,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Activest Wealth Management raised its holdings in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the period. Finally, Sierra Ocean LLC acquired a new stake in Devon Energy in the fourth quarter worth $43,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Barclays boosted their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $37.49 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 has a market capitalization of $24.33 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.20 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a 50-day moving average of $34.47 and a 200-day moving average of $38.35.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. As a group, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is 19.30%.

Devon Energy Company 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.