SIR Capital Management L.P. Makes New $72.30 Million Investment in Devon Energy Corporation $DVN

SIR Capital Management L.P. bought a new stake in Devon Energy Corporation (NYSE:DVN) in the second quarter, HoldingsChannel reports. The fund bought 1,749,854 shares of the energy company’s stock, valued at approximately $72,304,000. Devon Energy comprises 8.3% of SIR Capital Management L.P.’s portfolio, making the stock its 2nd largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Woodline Partners LP boosted its position in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after purchasing an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Devon Energy during the 2nd quarter worth $403,000. Jump Financial LLC raised its position in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after buying an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DVN. Jefferies Financial Group boosted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Argus reissued a “buy” rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Capital One Financial lowered their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Finally, Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.15.

Insider Buying and Selling

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

NYSE DVN opened at $48.22 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market capitalization of $53.05 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.35 and a beta of 0.38. The business’s fifty day moving average price is $43.82 and its 200-day moving average price is $45.54.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period in the prior year, the business posted $0.84 EPS. Devon Energy’s revenue was up 73.1% on a year-over-year basis. On average, equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

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.