Devon Energy Corporation (NYSE:DVN - Get Free Report) Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Devon Energy Trading Down 1.2%
Shares of DVN stock traded down $0.41 on Monday, hitting $32.87. The stock had a trading volume of 8,541,333 shares, compared to its average volume of 9,128,863. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The firm has a market cap of $20.86 billion, a P/E ratio of 7.37, a PEG ratio of 1.89 and a beta of 1.07. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average price of $33.07 and a two-hundred day moving average price of $33.19.
Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the business earned $1.41 EPS. The firm's revenue was up 9.4% on a year-over-year basis. As a group, analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.
Devon Energy Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Devon Energy's payout ratio is 21.52%.
Hedge Funds Weigh In On Devon Energy
Several institutional investors and hedge funds have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. lifted its position in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after purchasing an additional 3,114,656 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Devon Energy by 135.5% during the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock worth $175,810,000 after purchasing an additional 3,090,585 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Devon Energy in the 1st quarter valued at about $69,975,000. Institutional investors and hedge funds own 69.72% of the company's stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on DVN. UBS Group lifted their target price on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wolfe Research lifted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Raymond James Financial reissued an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Morgan Stanley restated an "overweight" rating and set a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a research note on Tuesday, July 15th. Eleven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.93.
Check Out Our Latest Report on DVN
Devon Energy Company Profile
(
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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.
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