Dark Forest Capital Management LP Purchases 13,583 Shares of Devon Energy Co. (NYSE:DVN)

Dark Forest Capital Management LP lifted its position in Devon Energy Co. (NYSE:DVN) by 1,165.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,748 shares of the energy company’s stock after acquiring an additional 13,583 shares during the quarter. Dark Forest Capital Management LP’s holdings in Devon Energy were worth $746,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Tyler Stone Wealth Management bought a new stake in Devon Energy during the 4th quarter valued at about $25,000. Clearview Wealth Advisors LLC purchased a new position in shares of Devon Energy in the 1st quarter worth approximately $25,000. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. Fortis Capital Advisors LLC acquired a new stake in Devon Energy in the 4th quarter worth approximately $31,000. Finally, Manchester Capital Management LLC boosted its stake in Devon Energy by 132.5% in the 4th quarter. Manchester Capital Management LLC now owns 520 shares of the energy company’s stock worth $32,000 after purchasing an additional 2,120 shares in the last quarter. Institutional investors own 68.34% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN traded up $1.44 during trading hours on Friday, reaching $52.53. 1,668,799 shares of the company’s stock traded hands, compared to its average volume of 8,822,405. The business’s fifty day simple moving average is $50.14 and its two-hundred day simple moving average is $50.85. Devon Energy Co. has a twelve month low of $44.03 and a twelve month high of $78.82. The firm has a market capitalization of $33.66 billion, a price-to-earnings ratio of 6.98, a P/E/G ratio of 0.18 and a beta of 2.32. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the company posted $2.59 EPS. Devon Energy’s revenue for the quarter was down 38.6% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 5.55 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is presently 10.94%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DVN. Mizuho decreased their target price on shares of Devon Energy from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 16th. Sanford C. Bernstein dropped their price objective on shares of Devon Energy from $71.00 to $64.00 in a report on Wednesday, May 17th. Wells Fargo & Company decreased their target price on shares of Devon Energy from $52.00 to $51.00 in a research report on Friday. Truist Financial decreased their target price on shares of Devon Energy from $69.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, August 3rd. Finally, Bank of America reduced their price target on shares of Devon Energy from $67.00 to $60.00 in a research report on Tuesday, May 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.74.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 7,870 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.13, for a total value of $402,393.10. Following the transaction, the executive vice president now directly owns 210,548 shares of the company’s stock, valued at approximately $10,765,319.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.63% of the stock is owned by company insiders.

About Devon Energy

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.