Sciencast Management LP Buys 36,257 Shares of Devon Energy Corporation $DVN

Key Points

• Sciencast Management LP has increased its stake in Devon Energy Corporation by 67.9%, owning a total of 89,631 shares valued at approximately $3.35 million as of the latest SEC filing.
• Analysts have a consensus rating of "Moderate Buy" for Devon Energy, with an average price target of $44.15, reflecting the stock's potential upside.
• Devon Energy announced a quarterly dividend of $0.24 per share, providing a yield of 2.8%, which will be paid to shareholders on September 30th.

Sciencast Management LP lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 67.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,631 shares of the energy company's stock after purchasing an additional 36,257 shares during the quarter. Sciencast Management LP's holdings in Devon Energy were worth $3,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.71% of the company's stock.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.21 during midday trading on Thursday, reaching $35.31. The stock had a trading volume of 6,241,639 shares, compared to its average volume of 8,783,070. The company has a market capitalization of $22.41 billion, a price-to-earnings ratio of 7.92, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29. The stock has a 50-day moving average of $33.83 and a 200-day moving average of $33.17. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share 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 company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced 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. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DVN shares. BMO Capital Markets increased their price target on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Barclays increased their target price on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Morgan Stanley raised their target price on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Piper Sandler lowered their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Finally, UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $44.15.

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.