SIR Capital Management L.P. Invests $72.30 Million in Devon Energy Corporation $DVN

Key Points

• SIR Capital Management initiated a $72.3 million position in Devon Energy, purchasing 1.75 million shares—about 8.3% of its portfolio and 0.16% of Devon’s outstanding stock. Institutional investors collectively own 69.72% of the company.
• Devon reported stronger-than-expected quarterly results, with EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annually and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.15.

SIR Capital Management L.P. bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,749,854 shares of the energy company's stock, valued at approximately $72,304,000. Devon Energy comprises approximately 8.3% of SIR Capital Management L.P.'s investment portfolio, making the stock its 2nd biggest holding. SIR Capital Management L.P. owned 0.16% of Devon Energy at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Woodline Partners LP boosted its stake in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy in the second quarter valued at approximately $403,000. Jump Financial LLC raised its position in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after purchasing an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock worth $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 1.8%

Devon Energy stock opened at $48.22 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a 50 day simple moving average of $43.82 and a 200-day simple moving average of $45.54. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market capitalization of $53.05 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.35 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's quarterly revenue was up 73.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 EPS. As a group, equities research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on DVN shares. Citigroup increased their price target on Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. UBS Group decreased their price objective on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Roth Capital reiterated a "buy" rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company reduced their target price on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.15.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.58% of the stock is currently owned by corporate insiders.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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