Devon Energy Corporation $DVN Stock Position Raised by Stolper Co

Key Points

• Stolper Co increased its Devon Energy stake by 274.4% in the second quarter, owning 161,439 shares worth approximately $6.67 million. Institutional investors collectively hold 69.72% of DVN’s outstanding shares.
• 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, representing an annualized payout of $1.28 and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.60.

Stolper Co increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 274.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,439 shares of the energy company's stock after acquiring an additional 118,322 shares during the period. Devon Energy comprises about 1.7% of Stolper Co's holdings, making the stock its 24th largest holding. Stolper Co's holdings in Devon Energy were worth $6,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp raised its position in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after acquiring an additional 212,074 shares in the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock worth $509,779,000 after purchasing an additional 2,071,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after buying an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC raised its holdings in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.2%

Devon Energy stock opened at $44.87 on Thursday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a market capitalization of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average price of $43.40 and a 200-day moving average price of $45.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 16.67% and a return on equity of 14.93%. The business's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 EPS. As a group, equities analysts predict that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy's payout ratio is presently 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DVN. UBS Group decreased their price target on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Zacks Research cut Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Roth Capital reiterated a "buy" rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Susquehanna increased their target price on Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Devon Energy Company 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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