Ardsley Advisory Partners LP Buys New Stake in Devon Energy Corporation $DVN

Key Points

• Ardsley Advisory Partners acquired 200,000 Devon Energy shares in the second quarter, valued at approximately $8.26 million. Institutional investors collectively own 69.72% of the company.
• Devon Energy reported quarterly EPS of $1.57, 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, equating to a 2.9% yield.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $59.60 versus the stock’s reported price of $44.87.

Ardsley Advisory Partners LP purchased a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the energy company's stock, valued at approximately $8,260,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its holdings in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy during the 2nd quarter worth approximately $29,000. GoalVest Advisory LLC bought a new stake in Devon Energy during the 2nd quarter worth approximately $30,000. Finally, SouthState Bank Corp increased its holdings in Devon Energy by 173.6% during the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock valued at $39,000 after purchasing an additional 486 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 1.2%

NYSE DVN opened at $44.87 on Thursday. The stock has a market capitalization of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a fifty day moving average of $43.40 and a 200-day moving average of $45.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's quarterly revenue was up 73.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.84 earnings per share. On average, equities research analysts forecast that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.58% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on DVN shares. Weiss Ratings upgraded Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Morgan Stanley cut their price target on Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, June 26th. Susquehanna upped their price target on shares of Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research report on Tuesday, July 21st. Citigroup increased their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Finally, Argus raised their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

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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