Hussman Strategic Advisors Inc. Grows Holdings in Devon Energy Corporation $DVN

Hussman Strategic Advisors Inc. boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 50.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 63,000 shares of the energy company’s stock after acquiring an additional 21,000 shares during the period. Hussman Strategic Advisors Inc.’s holdings in Devon Energy were worth $2,603,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in DVN. Woodline Partners LP increased its stake in shares of Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter valued at $403,000. Jump Financial LLC boosted its holdings in Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after buying an additional 10,464 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after buying an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC increased its stake in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after buying an additional 8,127 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on DVN. Truist Financial raised their price target on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Roth Capital reiterated a “buy” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Capital One Financial lowered their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Finally, UBS Group dropped their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Trading Up 3.2%

Shares of DVN stock opened at $45.83 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock’s 50-day moving average price is $43.40 and its 200-day moving average price is $45.14.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 earnings per share. Equities research analysts predict that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.58% of the company’s stock.

About Devon Energy

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.