QRG Capital Management Inc. Increases Stock Position in Devon Energy Corporation $DVN

Key Points

• QRG Capital Management increased its Devon Energy stake by 44.9% in the second quarter, bringing its holdings to 301,022 shares valued at approximately $12.4 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported a quarterly earnings beat, with EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with a $59.60 price target, while Devon announced a quarterly dividend of $0.32 per share, representing a 2.9% yield.

QRG Capital Management Inc. increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 44.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 301,022 shares of the energy company's stock after buying an additional 93,324 shares during the period. QRG Capital Management Inc.'s holdings in Devon Energy were worth $12,438,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Portside Wealth Group LLC purchased a new position in Devon Energy in the 2nd quarter valued at about $427,000. Encompass More Asset Management acquired a new stake in shares of Devon Energy during the second quarter valued at about $236,000. CWA Asset Management Group LLC increased its position in shares of Devon Energy by 16.4% during the second quarter. CWA Asset Management Group LLC now owns 97,321 shares of the energy company's stock worth $4,021,000 after acquiring an additional 13,687 shares during the last quarter. LRI Investments LLC increased its position in shares of Devon Energy by 151.2% during the second quarter. LRI Investments LLC now owns 2,683 shares of the energy company's stock worth $111,000 after acquiring an additional 1,615 shares during the last quarter. Finally, Spirit of America Management Corp NY lifted its stake in shares of Devon Energy by 116.2% in the second quarter. Spirit of America Management Corp NY now owns 78,800 shares of the energy company's stock worth $3,256,000 after acquiring an additional 42,350 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on DVN. JPMorgan Chase & Co. reduced their price target on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

Devon Energy Trading Down 1.2%

Devon Energy stock opened at $44.87 on Thursday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm's 50-day moving average is $43.40 and its 200-day moving average is $45.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 EPS. On average, equities analysts expect that Devon Energy Corporation will post 4.91 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy's dividend payout ratio is 30.40%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.58% of the company's stock.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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