AXQ Capital LP Takes Position in Devon Energy Co. (NYSE:DVN)

AXQ Capital LP acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 45,607 shares of the energy company’s stock, valued at approximately $1,493,000. Devon Energy makes up 0.7% of AXQ Capital LP’s investment portfolio, making the stock its 18th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $43,000. True Wealth Design LLC raised its holdings in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth $52,000. Finally, Thompson Investment Management Inc. boosted its holdings in shares of Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.1 %

DVN opened at $36.18 on Friday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. 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 stock has a market capitalization of $23.48 billion, a PE ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91. The firm’s fifty day moving average price is $35.46 and its 200 day moving average price is $37.06.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The company 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%. As a group, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.65%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Truist Financial increased their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Cowen downgraded shares of Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $48.46.

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.