EnCap Energy Capital Fund XI L.P. Invests $461.86 Million in Devon Energy Co. (NYSE:DVN)

EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy Co. (NYSE:DVN) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 11,806,148 shares of the energy company’s stock, valued at approximately $461,857,000. Devon Energy comprises approximately 63.8% of EnCap Energy Capital Fund XI L.P.’s portfolio, making the stock its biggest position.

A number of other hedge funds have also bought and sold shares of the business. Annex Advisory Services LLC raised its holdings in 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 acquiring an additional 223 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after buying an additional 226 shares during the last quarter. Archer Investment Corp grew its position in Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after acquiring an additional 235 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in shares of Devon Energy by 4.0% in the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after buying an additional 237 shares during the period. Finally, SkyOak Wealth LLC increased its position in Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $37.95 on Friday. The stock’s 50-day simple moving average is $39.68 and its 200 day simple moving average is $43.56. The stock has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.04, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 52-week low of $37.28 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 earnings per share. Research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. JPMorgan Chase & Co. cut their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Susquehanna decreased their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. UBS Group decreased their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. TD Cowen lowered their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Hold” and an average price target of $51.15.

About Devon Energy

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.