Devon Energy Corporation $DVN Shares Purchased by Adams Natural Resources Fund Inc.

Key Points

• Adams Natural Resources Fund Inc. increased its stake in Devon Energy Corporation by 142.6% in Q2 2023, owning approximately 302,800 shares valued at $9.63 million.
• Devon Energy reported $0.84 EPS for the last quarter, surpassing estimates, and posted revenues of $4.28 billion, a 9.4% increase year-over-year.
• The company declared a quarterly dividend of $0.24 per share, representing a dividend yield of 3.0% and a payout ratio of 21.52%.

Adams Natural Resources Fund Inc. increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 142.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 302,800 shares of the energy company's stock after purchasing an additional 178,000 shares during the quarter. Devon Energy accounts for approximately 1.5% of Adams Natural Resources Fund Inc.'s investment portfolio, making the stock its 20th largest holding. Adams Natural Resources Fund Inc.'s holdings in Devon Energy were worth $9,632,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pacific Heights Asset Management LLC lifted its holdings in shares of Devon Energy by 25.0% during the second quarter. Pacific Heights Asset Management LLC now owns 500,000 shares of the energy company's stock worth $15,905,000 after purchasing an additional 100,000 shares during the period. Denali Advisors LLC acquired a new stake in shares of Devon Energy during the second quarter worth about $272,000. FNY Investment Advisers LLC acquired a new stake in shares of Devon Energy during the second quarter worth about $34,000. Stephens Inc. AR lifted its holdings in shares of Devon Energy by 90.4% during the second quarter. Stephens Inc. AR now owns 72,546 shares of the energy company's stock worth $2,308,000 after purchasing an additional 34,448 shares during the period. Finally, Sentry Investment Management LLC lifted its holdings in shares of Devon Energy by 111.3% during the second quarter. Sentry Investment Management LLC now owns 3,921 shares of the energy company's stock worth $137,000 after purchasing an additional 2,065 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Up 0.4%

Devon Energy stock opened at $32.07 on Wednesday. The stock has a market capitalization of $20.36 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $40.54. The business has a 50 day simple moving average of $34.48 and a 200-day simple moving average of $32.92. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

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

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Insider Activity at Devon Energy

In related 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 transaction of $257,140.10. Following the completion of the sale, the director directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DVN. Mizuho decreased their price target on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Monday, September 15th. BMO Capital Markets boosted their price target on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. William Blair began coverage on Devon Energy in a report on Monday, August 25th. They issued an "outperform" rating for the company. Susquehanna decreased their price target on Devon Energy to $41.00 and set a "positive" rating for the company in a report on Monday. Finally, Evercore ISI boosted their price target on Devon Energy from $34.00 to $37.00 and gave the company an "in-line" rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $43.14.

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.

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