Devon Energy Corporation $DVN Shares Bought by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC significantly increased its stake in Devon Energy by 187.6% during the second quarter, now owning 57,713 shares valued at approximately $1.84 million.
• Devon Energy recently reported a quarterly EPS of $0.84, exceeding analysts' estimates, with a revenue increase of 9.4% year-over-year.
• The company has announced a quarterly dividend of $0.24 per share, resulting in a 2.7% yield and a payout ratio of 21.52%.

Pallas Capital Advisors LLC grew its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 187.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 57,713 shares of the energy company's stock after buying an additional 37,648 shares during the period. Pallas Capital Advisors LLC's holdings in Devon Energy were worth $1,836,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Krilogy Financial LLC bought a new stake in Devon Energy in the second quarter valued at $429,000. Key Client Fiduciary Advisors LLC increased its stake in shares of Devon Energy by 41.7% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 8,673 shares of the energy company's stock worth $276,000 after acquiring an additional 2,551 shares in the last quarter. Czech National Bank increased its stake in Devon Energy by 4.0% during the 2nd quarter. Czech National Bank now owns 156,927 shares of the energy company's stock valued at $4,992,000 after purchasing an additional 6,048 shares in the last quarter. Martin Capital Partners LLC boosted its holdings in shares of Devon Energy by 221.3% in the second quarter. Martin Capital Partners LLC now owns 68,683 shares of the energy company's stock worth $2,185,000 after buying an additional 47,304 shares during the last quarter. Finally, OMNI 360 Wealth Inc. purchased a new position in shares of Devon Energy in the second quarter worth $262,000. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on DVN shares. BMO Capital Markets increased their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Wolfe Research boosted their price objective on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. 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. Piper Sandler lowered their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Finally, Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $44.04.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.71% of the company's stock.

Devon Energy Trading Down 3.0%

DVN stock traded down $1.04 during trading on Friday, reaching $33.97. The company had a trading volume of 13,518,509 shares, compared to its average volume of 6,650,624. The company has a market cap of $21.56 billion, a P/E ratio of 7.62, a PEG ratio of 1.97 and a beta of 1.09. 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 business has a 50 day moving average of $33.97 and a 200 day moving average of $33.13. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.41 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared 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 is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's payout ratio is currently 21.52%.

Devon Energy Company 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.