Sivia Capital Partners LLC Buys New Shares in Devon Energy Corporation $DVN

Key Points

• Sivia Capital Partners LLC invested $403,000 in Devon Energy Corporation by purchasing 12,656 shares during the second quarter, according to their recent SEC filing.
• Several hedge funds, including Gilman Hill Asset Management and Pallas Capital Advisors, also increased their stakes in Devon Energy, indicating growing institutional interest in the company.
• Analysts have set new price targets for Devon Energy, with Wells Fargo increasing their target from $42.00 to $43.00, reflecting a generally positive outlook on the stock.

Sivia Capital Partners LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 12,656 shares of the energy company's stock, valued at approximately $403,000.

Other hedge funds have also bought and sold shares of the company. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy in the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise acquired a new stake in Devon Energy in the 1st quarter valued at about $26,000. Rakuten Securities Inc. lifted its stake 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 purchasing an additional 405 shares during the last quarter. SouthState Corp lifted its stake in Devon Energy by 350.5% in the 1st 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 last quarter. Finally, Hughes Financial Services LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $38,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DVN has been the subject of several recent analyst reports. Tudor, Pickering, Holt & Co. raised their target price on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Piper Sandler cut their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Wells Fargo & Company raised their price objective on shares of Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Finally, Raymond James Financial restated an "outperform" rating and set a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $44.04.

Devon Energy Price Performance

Shares of NYSE DVN traded down $1.04 during midday trading on Friday, reaching $33.97. 13,518,509 shares of the company were exchanged, compared to its average volume of 6,650,624. The stock's 50-day moving average price is $33.97 and its 200-day moving average price is $33.13. The stock 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. Devon Energy Corporation has a one year low of $25.89 and a one 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.

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 analysts' expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 earnings per share. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is 21.52%.

Insider Activity at Devon Energy

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 transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.71% of the company's stock.

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.