Hexagon Capital Partners LLC Acquires 391 Shares of Devon Energy Co. (NYSE:DVN)

Hexagon Capital Partners LLC grew its holdings in Devon Energy Co. (NYSE:DVN) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,573 shares of the energy company’s stock after acquiring an additional 391 shares during the period. Hexagon Capital Partners LLC’s holdings in Devon Energy were worth $380,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in shares of Devon Energy by 62.2% during the third quarter. Tower Research Capital LLC TRC now owns 30,608 shares of the energy company’s stock valued at $1,460,000 after buying an additional 11,742 shares during the last quarter. Ancora Advisors LLC lifted its stake in Devon Energy by 14.3% in the 3rd quarter. Ancora Advisors LLC now owns 4,274 shares of the energy company’s stock worth $204,000 after purchasing an additional 534 shares in the last quarter. Corton Capital Inc. purchased a new position in shares of Devon Energy during the third quarter valued at about $234,000. Schonfeld Strategic Advisors LLC increased its holdings in shares of Devon Energy by 24.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 82,800 shares of the energy company’s stock worth $3,950,000 after purchasing an additional 16,408 shares during the last quarter. Finally, Hodges Capital Management Inc. purchased a new stake in shares of Devon Energy in the third quarter worth about $1,028,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $47.73 on Tuesday. The stock has a market cap of $30.17 billion, a price-to-earnings ratio of 9.11, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07. The firm has a 50-day moving average of $48.64 and a two-hundred day moving average of $46.95. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. 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 (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 earnings per share. On average, research analysts forecast that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research analyst reports. Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Royal Bank of Canada increased their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Thursday, May 9th. Susquehanna boosted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. UBS Group increased their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Finally, Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

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.