Qsemble Capital Management LP Takes $4.85 Million Position in Devon Energy Co. (NYSE:DVN)

Qsemble Capital Management LP purchased a new stake in Devon Energy Co. (NYSE:DVN) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 102,377 shares of the energy company’s stock, valued at approximately $4,853,000. Devon Energy comprises 0.9% of Qsemble Capital Management LP’s investment portfolio, making the stock its 9th biggest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Salem Investment Counselors Inc. increased its stake in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC grew its stake in shares of Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC grew its stake in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Annex Advisory Services LLC grew its stake in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Susquehanna reduced their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Scotiabank reduced their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Truist Financial reduced their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.63.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $39.93 on Thursday. The company’s fifty day moving average price is $44.95 and its 200-day moving average price is $47.49. Devon Energy Co. has a one year low of $39.02 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a market capitalization of $25.24 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.17 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the company posted $1.18 EPS. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy Co. will post 5.37 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. Devon Energy’s dividend payout ratio is 16.79%.

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.