SIR Capital Management L.P. Invests $8.87 Million in Devon Energy Co. (NYSE:DVN)

SIR Capital Management L.P. acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 4th quarter, HoldingsChannel reports. The fund acquired 271,000 shares of the energy company’s stock, valued at approximately $8,870,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the period. Geode Capital Management LLC raised its stake in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the period. Victory Capital Management Inc. grew its stake in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after purchasing an additional 232,469 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 1.7%

Shares of NYSE DVN opened at $33.39 on Friday. The business has a 50-day moving average price of $32.52 and a 200 day moving average price of $34.60. The stock has a market cap of $21.44 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $50.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy’s 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 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is currently 21.87%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James set a $40.00 target price on shares of Devon Energy in a report on Monday, April 21st. Williams Trading set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, March 5th. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Finally, Susquehanna reduced their price objective on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.83.

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.