Prospector Partners LLC Has $2.39 Million Holdings in Devon Energy Co. (NYSE:DVN)

Prospector Partners LLC grew its position in shares of Devon Energy Co. (NYSE:DVN) by 15.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 52,655 shares of the energy company’s stock after acquiring an additional 7,230 shares during the period. Prospector Partners LLC’s holdings in Devon Energy were worth $2,385,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Nordea Investment Management AB lifted its stake in Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares during the last quarter. Atria Investments Inc boosted its holdings in Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares in the last quarter. Pearl River Capital LLC boosted its holdings in Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Argent Trust Co raised its holdings in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its position in shares of Devon Energy by 15.0% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 5,355,552 shares of the energy company’s stock worth $255,460,000 after buying an additional 697,849 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.59 during midday trading on Thursday, reaching $48.21. The company’s stock had a trading volume of 2,734,714 shares, compared to its average volume of 7,483,709. The business’s fifty day simple moving average is $50.86 and its 200-day simple moving average is $46.51. The company has a market capitalization of $30.47 billion, a P/E ratio of 9.29 and a beta of 2.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts expect that Devon Energy Co. will post 5.21 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.63% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DVN has been the subject of several analyst reports. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Raymond James lowered their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Mizuho upped their price target on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Truist Financial lowered their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.83.

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.