Kamunting Street Capital Management L.P. Has $16.58 Million Position in Devon Energy Co. (NYSE:DVN)

Kamunting Street Capital Management L.P. raised its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 57.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 506,656 shares of the energy company's stock after buying an additional 185,503 shares during the quarter. Devon Energy makes up about 14.3% of Kamunting Street Capital Management L.P.'s investment portfolio, making the stock its 3rd largest holding. Kamunting Street Capital Management L.P. owned about 0.08% of Devon Energy worth $16,583,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Hurley Capital LLC acquired a new stake in Devon Energy in the fourth quarter worth about $26,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $43,000. Endeavor Private Wealth Inc. bought a new stake in Devon Energy during the fourth quarter worth approximately $52,000. Finally, Thompson Investment Management Inc. raised its holdings in Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock worth $52,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of a number of research reports. Benchmark reissued a "buy" rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Wolfe Research upgraded Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Citigroup decreased their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $44.83.

Devon Energy Price Performance

Devon Energy stock traded down $0.10 during mid-day trading on Friday, hitting $31.37. 5,180,719 shares of the company were exchanged, compared to its average volume of 8,508,978. The company has a market capitalization of $20.36 billion, a PE ratio of 6.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The business has a fifty day moving average of $33.56 and a 200 day moving average of $35.46. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $53.20. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, sell-side analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This is an increase from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, March 14th. Devon Energy's payout ratio is presently 21.05%.

Devon Energy Company 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.