Palo Duro Investment Partners LP Takes $20.82 Million Position in Devon Energy Corporation $DVN

Palo Duro Investment Partners LP bought a new stake in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 503,984 shares of the energy company’s stock, valued at approximately $20,825,000. Devon Energy accounts for about 4.0% of Palo Duro Investment Partners LP’s investment portfolio, making the stock its 10th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in DVN. Pingora Partners LLC purchased a new stake in Devon Energy in the second quarter valued at approximately $4,574,000. Ausdal Financial Partners Inc. purchased a new position in shares of Devon Energy during the second quarter worth approximately $580,000. Bank of America Corp DE acquired a new position in shares of Devon Energy in the 2nd quarter valued at $421,226,000. Man Group plc acquired a new position in shares of Devon Energy in the 2nd quarter valued at $20,528,000. Finally, First Bancorp Inc ME purchased a new stake in Devon Energy in the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $46.82 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a market capitalization of $51.50 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.29 and a beta of 0.38. The company’s fifty day moving average is $43.99 and its two-hundred day moving average is $45.59. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the business earned $0.84 EPS. On average, sell-side analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Analyst Ratings Changes

A number of analysts recently weighed in on DVN shares. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Citigroup upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Raymond James Financial decreased their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Argus reissued a “buy” rating and set a $45.85 price target on shares of Devon Energy in a report on Monday, August 17th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Insider Buying and Selling

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were 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 owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by insiders.

Devon Energy Profile

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.