Gagnon Securities LLC Has $1.56 Million Holdings in Devon Energy Corporation (NYSE:DVN)

Key Points

• Gagnon Securities LLC increased its holdings in Devon Energy Corporation by 36.7% during the first quarter, now owning 41,822 shares worth approximately $1.56 million.
• Devon Energy reported a quarterly EPS of $0.84, surpassing expectations, with revenue reaching $4.28 billion, reflecting a year-over-year increase of 9.4%.
• The company declared a $0.24 quarterly dividend with a yield of 3.0%, payable to investors on September 30th.

Gagnon Securities LLC grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 36.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,822 shares of the energy company's stock after purchasing an additional 11,239 shares during the period. Gagnon Securities LLC's holdings in Devon Energy were worth $1,564,000 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 DVN. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. raised its stake in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares in the last quarter. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $28,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Devon Energy during the 1st quarter worth approximately $38,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Mizuho decreased their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Piper Sandler reissued an "overweight" rating and set a $58.00 target price (up from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. UBS Group boosted their target price on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Finally, 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. Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $43.93.

Devon Energy Stock Performance

DVN opened at $32.45 on Thursday. The firm has a market cap of $20.83 billion, a P/E ratio of 7.27, a price-to-earnings-growth ratio of 1.83 and a beta of 1.07. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The business's fifty day moving average is $32.99 and its 200-day moving average is $33.30.

Devon Energy (NYSE:DVN - Get Free Report) last released its 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. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.80% and a net margin of 16.57%. Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 EPS. Sell-side analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy's dividend payout ratio (DPR) is 21.87%.

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.

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