Sagefield Capital LP Raises Position in Devon Energy Co. (NYSE:DVN)

Sagefield Capital LP increased its holdings in Devon Energy Co. (NYSE:DVN) by 23.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 479,452 shares of the energy company’s stock after buying an additional 89,879 shares during the period. Devon Energy accounts for approximately 2.4% of Sagefield Capital LP’s portfolio, making the stock its 11th largest holding. Sagefield Capital LP owned approximately 0.08% of Devon Energy worth $22,726,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Vanguard Group Inc. raised its position in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its position in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI raised its position in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after purchasing an additional 964,147 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Devon Energy stock opened at $41.12 on Tuesday. The stock’s 50 day simple moving average is $43.92 and its two-hundred day simple moving average is $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. The stock has a market cap of $25.99 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a fifty-two week low of $39.02 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted 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. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.18 EPS. As a group, analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Piper Sandler decreased their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Scotiabank decreased their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Company 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.