Devon Energy Co. (NYSE:DVN) Shares Acquired by Hexagon Capital Partners LLC

Hexagon Capital Partners LLC lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 5.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,573 shares of the energy company’s stock after purchasing an additional 391 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Devon Energy were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $28,000. Sound Income Strategies LLC increased its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC raised its position in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. Jones Financial Companies Lllp lifted its stake in Devon Energy by 104.8% during the fourth 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. Finally, PFS Partners LLC purchased a new position in shares of Devon Energy during the fourth quarter worth $36,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE DVN opened at $47.73 on Tuesday. The stock’s 50-day simple moving average is $48.64 and its 200-day simple moving average is $46.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $30.17 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Scotiabank boosted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Stifel Nicolaus increased their price target on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada raised their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Finally, Truist Financial decreased their price target on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.24.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.73% of the company’s stock.

Devon Energy 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.