Devon Energy Co. (NYSE:DVN) Position Lowered by EnCap Partners GP LLC

EnCap Partners GP LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 47.1% during the fourth quarter, Holdings Channel reports. The firm owned 5,530,996 shares of the energy company’s stock after selling 4,915,142 shares during the period. Devon Energy makes up approximately 100.0% of EnCap Partners GP LLC’s investment portfolio, making the stock its largest position. EnCap Partners GP LLC’s holdings in Devon Energy were worth $181,029,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hurley Capital LLC purchased a new position in shares of Devon Energy during the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy during the 4th quarter worth $28,000. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. acquired a new stake in shares of Devon Energy during the fourth quarter worth about $52,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 5.6 %

DVN opened at $31.98 on Friday. Devon Energy Co. has a one year low of $25.89 and a one year high of $51.20. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 7.01, a PEG ratio of 1.20 and a beta of 1.00. The business’s fifty day moving average is $32.58 and its two-hundred day moving average is $34.80. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 EPS. Analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.00%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DVN. Bank of America dropped their price target on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Citigroup cut their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Wells Fargo & Company decreased their price target on Devon Energy from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Finally, Royal Bank of Canada reduced their target price on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.96.

Devon Energy 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.