JB Capital LLC Increases Stock Position in Devon Energy Corporation $DVN

Key Points

• JB Capital LLC increased its stock holdings in Devon Energy Corporation by 25.1% during Q2, now owning 94,462 shares valued at approximately $3 million.
• Devon Energy reported a quarterly earnings of $0.84 per share, surpassing expectations, with revenue growing by 9.4% year-over-year to $4.28 billion.
• The company declared a quarterly dividend of $0.24, resulting in an annualized yield of 2.8%, with a payout ratio of 21.52%.

JB Capital LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 25.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,462 shares of the energy company's stock after acquiring an additional 18,968 shares during the period. JB Capital LLC's holdings in Devon Energy were worth $3,005,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Cyndeo Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter valued at $6,831,000. Total Wealth Planning & Management Inc. lifted its holdings in Devon Energy by 62.8% in the second quarter. Total Wealth Planning & Management Inc. now owns 20,160 shares of the energy company's stock valued at $641,000 after acquiring an additional 7,779 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new stake in Devon Energy in the second quarter valued at $520,000. Stiles Financial Services Inc lifted its holdings in Devon Energy by 2.3% in the second quarter. Stiles Financial Services Inc now owns 58,986 shares of the energy company's stock valued at $1,876,000 after acquiring an additional 1,347 shares during the period. Finally, Coordinated Financial Services Inc. acquired a new stake in Devon Energy in the second quarter valued at $236,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.7%

DVN opened at $34.37 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a market capitalization of $21.82 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03. The business has a 50-day moving average of $34.52 and a two-hundred day moving average of $33.14. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The company 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 firm's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS. On average, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's payout ratio is 21.52%.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction dated 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 owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of several research reports. Evercore ISI lifted their price target on Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a research note on Monday. Siebert Williams Shank lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Piper Sandler cut their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Mizuho cut their price target on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, Jefferies Financial Group lifted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research note on Monday, July 14th. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average price target of $43.74.

About Devon Energy

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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