SCP Investment LP Acquires New Shares in Devon Energy Corporation (NYSE:DVN)

Key Points

• SCP Investment LP acquired 12,800 shares of Devon Energy, worth approximately $479,000, in the first quarter.
• Devon Energy's stock currently has a market cap of $20.62 billion and has increased quarterly revenue by 23.8% year-over-year.
• The company declared a quarterly dividend of $0.24 per share, representing an annual yield of 3.0%.

SCP Investment LP bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,800 shares of the energy company's stock, valued at approximately $479,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hurley Capital LLC bought a new position in Devon Energy during the fourth quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the first quarter worth about $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy during the fourth quarter worth about $28,000. Finally, Rakuten Securities Inc. increased its holdings in Devon Energy by 94.6% in 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 during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.35 during mid-day trading on Thursday, reaching $32.80. The company's stock had a trading volume of 3,227,169 shares, compared to its average volume of 9,076,854. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04. The stock has a fifty day moving average of $32.99 and a two-hundred day moving average of $33.30. The firm has a market capitalization of $21.06 billion, a PE ratio of 7.37, a P/E/G ratio of 1.83 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS 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 18.80%. The business had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given 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 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Tudor, Pickering, Holt & Co. upped their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. The Goldman Sachs Group boosted their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Morgan Stanley reaffirmed an "overweight" rating and set a $46.00 price target (up from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $43.93.

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.