Kamunting Street Capital Management L.P. Takes Position in Devon Energy Co. (NYSE:DVN)

Kamunting Street Capital Management L.P. bought a new position in Devon Energy Co. (NYSE:DVN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 280,000 shares of the energy company’s stock, valued at approximately $13,272,000. Devon Energy comprises approximately 12.3% of Kamunting Street Capital Management L.P.’s portfolio, making the stock its 3rd largest position.

A number of other institutional investors have also recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy during the second quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth about $30,000. Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter valued at approximately $34,000. Finally, PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DVN. Bank of America reissued a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Piper Sandler lowered their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Finally, Susquehanna reduced their price target on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy Price Performance

DVN opened at $41.12 on Tuesday. The company has a market capitalization of $25.99 billion, a P/E ratio of 7.85, a PEG ratio of 1.13 and a beta of 2.03. The company has a 50-day moving average of $43.92 and a 200-day moving average of $47.27. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company earned $1.18 earnings per share. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. Equities analysts expect that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

About Devon Energy

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.