Kamunting Street Capital Management L.P. Increases Stake in Devon Energy Co. (NYSE:DVN)

Kamunting Street Capital Management L.P. raised its position in Devon Energy Co. (NYSE:DVN - Free Report) by 57.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 506,656 shares of the energy company's stock after acquiring an additional 185,503 shares during the period. Devon Energy comprises approximately 14.3% of Kamunting Street Capital Management L.P.'s holdings, making the stock its 3rd largest holding. Kamunting Street Capital Management L.P. owned 0.08% of Devon Energy worth $16,583,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Hurley Capital LLC acquired a new stake in Devon Energy in the 4th quarter valued at $26,000. Cromwell Holdings LLC boosted its stake in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Devon Energy in the 4th quarter worth about $43,000. Endeavor Private Wealth Inc. bought a new stake in shares of Devon Energy in the 4th quarter worth about $52,000. Finally, Thompson Investment Management Inc. increased its position in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock worth $52,000 after purchasing an additional 600 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DVN shares. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the stock an "overweight" rating in a research note on Wednesday, March 26th. Citigroup dropped their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Barclays decreased their target price on Devon Energy from $44.00 to $38.00 and set an "equal weight" rating on the stock in a report on Wednesday. Raymond James set a $40.00 price target on Devon Energy in a report on Monday. Finally, Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $44.83.

Devon Energy Trading Down 0.3 %

Shares of Devon Energy stock traded down $0.10 during trading on Friday, hitting $31.37. 5,180,719 shares of the company were exchanged, compared to its average volume of 8,500,535. The firm has a market capitalization of $20.36 billion, a P/E ratio of 6.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The firm's fifty day moving average price is $33.63 and its 200 day moving average price is $35.53. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $53.20.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, sell-side analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.06%. Devon Energy's payout ratio is currently 21.05%.

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.