16,591 Shares in Devon Energy Corporation (NYSE:DVN) Bought by Stevens Capital Management LP

Key Points

• Stevens Capital Management LP purchased 16,591 shares of Devon Energy Corporation, valued at approximately $621,000, marking a significant new position in the company's stock.
• Devon Energy reported a net revenue of $4.45 billion for the quarter, surpassing consensus estimates, although their EPS of $1.21 fell short of the expected $1.27.
• The company declared a quarterly dividend of $0.24, yielding 2.88%, with a payout ratio currently at 21.87% as of the most recent announcement.

Stevens Capital Management LP acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 16,591 shares of the energy company's stock, valued at approximately $621,000.

Several other hedge funds have also recently bought and sold shares of the company. Hurley Capital LLC bought a new stake in shares of Devon Energy during the 4th quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth about $28,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $38,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 1.0%

NYSE DVN traded down $0.33 during trading on Tuesday, reaching $33.76. The company's stock had a trading volume of 2,371,722 shares, compared to its average volume of 9,094,749. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.67 billion, a PE ratio of 7.69, a PEG ratio of 1.87 and a beta of 1.02. The business has a 50-day moving average price of $32.78 and a 200-day moving average price of $33.48. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $47.44.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same quarter last year, the firm earned $1.16 earnings per share. Devon Energy's revenue was up 23.8% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's payout ratio is 21.87%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Scotiabank restated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and issued a $46.00 price objective (up previously from $44.00) on shares of Devon Energy in a research note on Tuesday, July 15th. Piper Sandler reaffirmed an "overweight" rating and issued a $58.00 price objective (up previously from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Tudor, Pickering, Holt & Co. lifted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Siebert Williams Shank lifted their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.85.

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.