Quarry LP Purchases 46,984 Shares of Devon Energy Corporation $DVN

Key Points

• Quarry LP significantly increased its position in Devon Energy, acquiring an additional 46,984 shares, raising its total holdings to 47,962 shares valued at approximately $1.79 million.
• Multiple analysts have upgraded their price targets for Devon Energy, with a consensus rating of "Moderate Buy" and an average target price of $44.15.
• Devon Energy reported a net revenue of $4.28 billion in its latest quarterly earnings, exceeding estimates and reflecting a 9.4% year-over-year growth, alongside an earnings per share of $0.84.

Quarry LP raised its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 4,804.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,962 shares of the energy company's stock after acquiring an additional 46,984 shares during the quarter. Quarry LP's holdings in Devon Energy were worth $1,794,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. SVB Wealth LLC boosted its position in shares of Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock worth $304,000 after purchasing an additional 321 shares in the last quarter. Whittier Trust Co. raised its stake in Devon Energy by 24.3% during the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares during the last quarter. Callan Family Office LLC raised its stake in Devon Energy by 3.7% during the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after buying an additional 377 shares during the last quarter. Hager Investment Management Services LLC increased its stake in shares of Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after purchasing an additional 380 shares in the last quarter. Finally, Private Advisor Group LLC increased its stake in shares of Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after purchasing an additional 386 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on DVN. Wells Fargo & Company upped their price objective on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Wolfe Research increased their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Raymond James Financial restated an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. William Blair assumed coverage on shares of Devon Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Morgan Stanley upped their target price on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $36.12 on Friday. The firm has a 50 day moving average of $33.39 and a 200 day moving average of $33.19. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $45.34. The company has a market capitalization of $22.93 billion, a price-to-earnings ratio of 8.10, a price-to-earnings-growth ratio of 2.08 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy's payout ratio is 21.52%.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.