Stoneridge Investment Partners LLC Sells 834 Shares of Devon Energy Co. (NYSE:DVN)

Stoneridge Investment Partners LLC lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,403 shares of the energy company’s stock after selling 834 shares during the period. Stoneridge Investment Partners LLC’s holdings in Devon Energy were worth $2,519,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Moloney Securities Asset Management LLC purchased a new stake in shares of Devon Energy during the third quarter worth about $1,057,000. Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Devon Energy by 2.8% in the 3rd quarter. QRG Capital Management Inc. now owns 23,515 shares of the energy company’s stock worth $920,000 after buying an additional 630 shares during the period. Asset Management One Co. Ltd. grew its position in shares of Devon Energy by 1.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 243,247 shares of the energy company’s stock worth $9,516,000 after buying an additional 2,363 shares during the last quarter. Finally, National Pension Service increased its stake in shares of Devon Energy by 34.7% during the third quarter. National Pension Service now owns 1,185,265 shares of the energy company’s stock valued at $46,368,000 after buying an additional 305,486 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 2.2 %

Shares of NYSE:DVN opened at $39.15 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market cap of $24.52 billion, a P/E ratio of 7.11, a PEG ratio of 1.18 and a beta of 2.03. The stock’s fifty day moving average price is $41.04 and its 200-day moving average price is $45.24.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the firm posted $1.18 EPS. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Co. will post 4.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Sanford C. Bernstein reduced their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Mizuho lowered their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, Jefferies Financial Group started coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

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.