SCP Investment LP Purchases Shares of 12,800 Devon Energy Corporation (NYSE:DVN)

SCP Investment LP purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 12,800 shares of the energy company’s stock, valued at approximately $479,000.

A number of other large investors have also recently added to or reduced their stakes in DVN. Alliancebernstein L.P. raised its position in shares of Devon Energy by 0.8% in the fourth quarter. Alliancebernstein L.P. now owns 929,222 shares of the energy company’s stock valued at $30,413,000 after purchasing an additional 7,494 shares during the period. Headlands Technologies LLC bought a new position in Devon Energy during the fourth quarter worth about $150,000. Huntington National Bank increased its position in Devon Energy by 84.6% during the fourth quarter. Huntington National Bank now owns 4,910 shares of the energy company’s stock worth $161,000 after acquiring an additional 2,250 shares during the period. Bryce Point Capital LLC bought a new position in Devon Energy during the fourth quarter worth about $468,000. Finally, Westpac Banking Corp increased its position in Devon Energy by 165.2% during the fourth quarter. Westpac Banking Corp now owns 16,268 shares of the energy company’s stock worth $532,000 after acquiring an additional 10,133 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 3.3%

NYSE:DVN opened at $32.12 on Friday. The firm’s 50 day simple moving average is $32.92 and its 200 day simple moving average is $33.39. 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 one year low of $25.89 and a one year high of $46.04. The company has a market cap of $20.62 billion, a PE ratio of 7.32, a P/E/G ratio of 1.82 and a beta of 1.07.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. The firm’s quarterly revenue was up 23.8% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Susquehanna lowered their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Mizuho reduced their price objective on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Piper Sandler reiterated an “overweight” rating and set a $58.00 price objective (up from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Bernstein Bank reduced their price objective on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Monday, July 7th. Finally, Wells Fargo & Company increased their price objective on shares of Devon Energy from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Thursday, July 3rd. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.85.

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.