Tortoise Capital Advisors L.L.C. Increases Position in Devon Energy Corporation $DVN

Key Points

• Tortoise Capital Advisors L.L.C. increased its position in Devon Energy shares by 106.1%, acquiring a total of 329,426 shares, which are valued at approximately $12.3 million.
• Devon Energy reported a quarterly earnings per share of $0.84, beating estimates of $0.83, while revenue reached $4.28 billion, exceeding expectations of $4.01 billion.
• The company announced a quarterly dividend of $0.24 per share, translating to an annualized yield of 2.8%, with the dividend payout scheduled for September 30th.

Tortoise Capital Advisors L.L.C. boosted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 106.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 329,426 shares of the energy company's stock after buying an additional 169,621 shares during the period. Tortoise Capital Advisors L.L.C. owned approximately 0.05% of Devon Energy worth $12,321,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DVN. Whittier Trust Co. grew its position in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock worth $72,000 after buying an additional 377 shares in the last quarter. Callan Family Office LLC raised its position in shares of Devon Energy by 3.7% during the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after buying an additional 377 shares in the last quarter. Hager Investment Management Services LLC grew its position in Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after acquiring an additional 380 shares in the last quarter. Private Advisor Group LLC lifted its stake in Devon Energy by 0.4% during the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after purchasing an additional 386 shares during the last quarter. Finally, Sierra Ocean LLC boosted its holdings in shares of Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after purchasing an additional 388 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Devon Energy Price Performance

Shares of DVN stock traded up $0.57 during trading hours on Wednesday, hitting $35.80. 3,428,400 shares of the company's stock were exchanged, compared to its average volume of 8,900,138. The firm has a 50 day moving average of $33.28 and a two-hundred day moving average of $33.16. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $45.34. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a market cap of $22.72 billion, a P/E ratio of 8.02, a P/E/G ratio of 2.04 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the business posted $1.41 EPS. Devon Energy's revenue was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on DVN shares. Mizuho lowered their price objective on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. UBS Group raised their price objective on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Bernstein Bank lowered their price objective on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 7th. Finally, Tudor, Pickering, Holt & Co. upped their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $44.15.

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.