Apollo Management Holdings L.P. Purchases Shares of 220,000 Devon Energy Corporation $DVN

Key Points

• Apollo Management Holdings acquired 220,000 Devon Energy shares worth approximately $9.1 million during the second quarter. Institutional investors collectively own 69.72% of the company, while an insider recently sold 18,000 shares.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, implying a 2.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.15, compared with a recent share price of $47.42.

Apollo Management Holdings L.P. acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 220,000 shares of the energy company's stock, valued at approximately $9,090,000.

Several other institutional investors have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC increased its holdings in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new position in shares of Devon Energy in the second quarter valued at $28,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy during the 2nd quarter valued at $29,000. Finally, GoalVest Advisory LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth $30,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.58% of the company's stock.

Devon Energy Stock Up 0.1%

NYSE:DVN opened at $47.42 on Monday. The firm has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The business's fifty day moving average price is $44.19 and its 200 day moving average price is $45.64.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company posted $0.84 EPS. The business's quarterly revenue was up 73.1% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DVN shares. Argus reaffirmed a "buy" rating and set a $45.85 target price on shares of Devon Energy in a research report on Monday, August 17th. The Goldman Sachs Group decreased their price target on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Susquehanna lifted their price target on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Weiss Ratings downgraded Devon Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Finally, Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $59.15.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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