Devon Energy Corp DE Makes New $548.39 Billion Investment in Sterling Infrastructure, Inc. $STRL

Devon Energy Corp DE acquired a new stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,002,051 shares of the construction company's stock, valued at approximately $548,390,288,000. Sterling Infrastructure comprises about 34.4% of Devon Energy Corp DE's portfolio, making the stock its 2nd biggest holding. Devon Energy Corp DE owned 52.31% of Sterling Infrastructure at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Sterling Infrastructure in the 2nd quarter valued at approximately $2,713,946,000. State Street Corp lifted its stake in shares of Sterling Infrastructure by 62.0% in the 2nd quarter. State Street Corp now owns 1,131,751 shares of the construction company's stock valued at $261,129,000 after acquiring an additional 433,311 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Sterling Infrastructure by 29.8% during the 3rd quarter. Invesco Ltd. now owns 955,387 shares of the construction company's stock valued at $324,526,000 after acquiring an additional 219,477 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Sterling Infrastructure by 27.3% during the 1st quarter. First Trust Advisors LP now owns 877,990 shares of the construction company's stock valued at $357,579,000 after acquiring an additional 188,048 shares in the last quarter. Finally, Ranger Investment Management L.P. bought a new stake in Sterling Infrastructure during the 2nd quarter worth $23,381,000. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Sterling Infrastructure news, General Counsel Mark D. Wolf sold 2,500 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $888.00, for a total value of $2,220,000.00. Following the completion of the sale, the general counsel directly owned 28,137 shares in the company, valued at approximately $24,985,656. This trade represents a 8.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on STRL shares. Cantor Fitzgerald reduced their price target on Sterling Infrastructure from $956.00 to $742.00 and set an "overweight" rating on the stock in a report on Wednesday, August 5th. DA Davidson began coverage on shares of Sterling Infrastructure in a report on Friday. They set a "buy" rating and a $700.00 target price on the stock. Zacks Research downgraded shares of Sterling Infrastructure from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Sterling Infrastructure from a "buy" rating to a "strong-buy" rating in a report on Monday. Finally, KeyCorp reduced their price objective on shares of Sterling Infrastructure from $922.00 to $754.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $690.33.

Sterling Infrastructure Trading Down 3.9%

NASDAQ STRL opened at $496.66 on Tuesday. The stock has a market capitalization of $15.19 billion, a P/E ratio of 35.81, a P/E/G ratio of 1.80 and a beta of 1.88. The business has a 50 day simple moving average of $667.71 and a 200 day simple moving average of $599.62. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.11 and a quick ratio of 1.11. Sterling Infrastructure, Inc. has a one year low of $266.13 and a one year high of $1,005.68.

Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The construction company reported $5.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.01 by $0.79. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $969.22 million. Sterling Infrastructure had a return on equity of 40.12% and a net margin of 12.55%.Sterling Infrastructure's revenue was up 90.4% compared to the same quarter last year. Sterling Infrastructure has set its FY 2026 guidance at 19.700-20.300 EPS. Research analysts expect that Sterling Infrastructure, Inc. will post 19.15 earnings per share for the current year.

Sterling Infrastructure Profile

Sterling Infrastructure, Inc NASDAQ: STRL is a diversified manufacturer and distributor of essential infrastructure products serving municipal, utility and industrial customers across North America. Through its network of wholly owned subsidiaries, the company designs, engineers and produces a wide range of cast and fabricated solutions tailored to the needs of the waterworks, natural gas, telecommunications, electric, traffic safety and parks & recreation markets.

The company's product portfolio encompasses ductile iron and composite fittings, valve boxes, manhole frames and covers, water and gas meter sets, street light poles and mounting accessories, traffic sign posts with breakaway systems, bollards and related system components.

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