Viking Fund Management LLC Purchases Shares of 150,000 Devon Energy Corporation $DVN

Viking Fund Management LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 150,000 shares of the energy company’s stock, valued at approximately $6,198,000.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Woodline Partners LP lifted its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying 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 increased its position 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 purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Devon Energy by 17.8% in the second 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 last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on DVN. Scotiabank raised their price objective on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Truist Financial lifted their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Raymond James Financial decreased their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Finally, UBS Group lowered their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Price Performance

Shares of DVN stock opened at $44.87 on Thursday. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a market cap of $27.88 billion, a PE ratio of 10.66 and a beta of 0.38. The firm’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $45.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. As a group, analysts forecast that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Profile

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.