280,000 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Kamunting Street Capital Management L.P.

Kamunting Street Capital Management L.P. bought a new stake in Devon Energy Co. (NYSE:DVN) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 280,000 shares of the energy company’s stock, valued at approximately $13,272,000. Devon Energy accounts for about 12.3% of Kamunting Street Capital Management L.P.’s portfolio, making the stock its 3rd largest holding.

Other institutional investors also recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its holdings in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC grew its position in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC raised its holdings in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC boosted its position in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

DVN opened at $41.12 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $25.99 billion, a PE ratio of 7.85, a P/E/G ratio of 1.13 and a beta of 2.03. The business has a fifty day simple moving average of $43.92 and a 200-day simple moving average of $47.27. 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 released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $1.18 EPS. As a group, equities analysts predict that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced 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. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. Piper Sandler lowered their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. JPMorgan Chase & Co. lowered their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Susquehanna reduced their price objective on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. UBS Group lowered their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

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.