36,843 Shares in Devon Energy Corporation (NYSE:DVN) Acquired by Entropy Technologies LP

Key Points

• Entropy Technologies LP has acquired a new stake in Devon Energy Corporation, purchasing 36,843 shares valued at approximately $1,378,000.
• Devon Energy reported a Q2 EPS of $0.84, exceeding analysts' expectations of $0.83, and had a revenue of $4.28 billion, up 9.4% year-over-year.
• The company declared a quarterly dividend of $0.24 per share, with a payout ratio of 21.52%, set to be paid on September 30th.

Entropy Technologies LP bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,843 shares of the energy company's stock, valued at approximately $1,378,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. grew its position in Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after purchasing an additional 26,519 shares during the period. Merit Financial Group LLC increased its stake in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after buying an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its stake in Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after buying an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. boosted its holdings in shares of Devon Energy by 41.8% during the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent research reports. Jefferies Financial Group boosted their target price on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Susquehanna cut their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their target price on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets upped their price objective on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Finally, Barclays upped their price objective on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $43.93.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company's stock.

Devon Energy Stock Performance

Shares of DVN traded up $0.26 during mid-day trading on Thursday, hitting $33.88. 4,719,173 shares of the company's stock were exchanged, compared to its average volume of 9,056,871. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $46.04. The firm has a market capitalization of $21.50 billion, a P/E ratio of 7.60, a P/E/G ratio of 1.89 and a beta of 1.07. The business's 50 day moving average is $33.17 and its two-hundred day moving average is $33.18. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the company posted $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Devon Energy 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.