Kingstone Capital Partners Texas LLC Invests $7.05 Million in Devon Energy Corporation $DVN

Key Points

• Kingstone Capital Partners Texas LLC has acquired 221,669 shares of Devon Energy Corporation, valued at approximately $7.05 million, as reported in its latest SEC filing.
• Devon Energy's quarterly earnings report showed a profit of $0.84 per share, exceeding expectations, alongside a 9.4% revenue increase year-over-year, totaling $4.28 billion.
• The company has announced a quarterly dividend of $0.24 per share, with a yield of 2.8%, to be paid on September 30th to shareholders recorded by September 15th.

Kingstone Capital Partners Texas LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 221,669 shares of the energy company's stock, valued at approximately $7,051,000.

A number of other large investors have also recently made changes to their positions in DVN. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the 1st quarter valued at about $26,000. Rakuten Securities Inc. lifted its holdings in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares in the last quarter. SouthState Corp lifted its holdings in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new stake in Devon Energy during the 1st quarter valued at about $38,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.73% of the stock is owned by company insiders.

Devon Energy Trading Up 2.3%

Shares of DVN stock traded up $0.77 during trading hours on Tuesday, hitting $34.49. 4,646,509 shares of the company were exchanged, compared to its average volume of 8,747,058. The firm has a market cap of $21.89 billion, a PE ratio of 7.74, a PEG ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $33.98 and a 200 day moving average of $33.12.

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. 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 for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm posted $1.41 earnings per share. Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company 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 dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on DVN shares. Piper Sandler decreased their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. BMO Capital Markets lifted their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Wolfe Research lifted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. William Blair began coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Siebert Williams Shank boosted their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $44.04.

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.