514,558 Shares in Devon Energy Corporation $DVN Acquired by Jupiter Topco LLC

Jupiter Topco LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 514,558 shares of the energy company’s stock, valued at approximately $21,260,000.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. State Street Corp grew its stake in Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares in the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in Devon Energy in the 2nd quarter valued at about $402,558,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Devon Energy stock opened at $47.42 on Friday. The firm has a 50 day simple moving average of $44.19 and a 200-day simple moving average of $45.62. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a market cap of $52.16 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, analysts expect that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. UBS Group decreased their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. JPMorgan Chase & Co. cut their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Barclays lowered their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Finally, Truist Financial upped their target price on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is currently owned by company insiders.

Devon Energy Company 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.