Townsquare Capital LLC Buys 9,914 Shares of Devon Energy Corporation (NYSE:DVN)

Key Points

• Townsquare Capital LLC increased its stake in Devon Energy by 37.5%, acquiring 9,914 shares, bringing its total to 36,317 shares valued at approximately $1,358,000.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts' expectations of $0.83, along with a 9.4% year-over-year revenue increase to $4.28 billion.
• The company announced a quarterly dividend of $0.24 per share, yielding 2.9%, with the payment date set for September 30th and an ex-dividend date of September 15th.

Townsquare Capital LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 37.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,317 shares of the energy company's stock after purchasing an additional 9,914 shares during the period. Townsquare Capital LLC's holdings in Devon Energy were worth $1,358,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new position in Devon Energy during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in Devon Energy during the first quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its position in 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 period. Accredited Wealth Management LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Finally, Hughes Financial Services LLC bought a new position in Devon Energy in the first quarter worth approximately $38,000. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Barclays increased their price target 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. Wolfe Research increased their price target on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Mizuho decreased their price target on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, Siebert Williams Shank increased their price target on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.96.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $33.59 on Thursday. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04. The stock has a market capitalization of $21.32 billion, a P/E ratio of 7.53, a PEG ratio of 1.89 and a beta of 1.07. The firm has a fifty day simple moving average of $33.17 and a two-hundred day simple moving average of $33.18. 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 issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period last year, the company posted $1.41 EPS. The business's revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.71% of the stock is owned by insiders.

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.

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