Allspring Global Investments Holdings LLC Sells 10,977 Shares of Devon Energy Corporation $DVN

Key Points

• Allspring Global Investments has reduced its stake in Devon Energy by 1.3%, selling 10,977 shares, and now holds approximately 0.13% of the company worth $27.3 million.
• Devon Energy reported an earnings per share (EPS) of $0.84 for the last quarter, exceeding expectations, with quarterly revenue reaching $4.28 billion, a 9.4% increase year-over-year.
• The company announced a quarterly dividend of $0.24, translating to an annualized yield of 3.0%, with a payout ratio of 21.52%.

Allspring Global Investments Holdings LLC lessened its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 836,782 shares of the energy company's stock after selling 10,977 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.13% of Devon Energy worth $27,321,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy in the 1st quarter valued at about $26,000. Financial Gravity Asset Management Inc. bought a new position in Devon Energy during the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new position in Devon Energy during the 2nd quarter worth approximately $25,000. Rakuten Securities Inc. boosted its stake in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the last quarter. Finally, Trust Co. of Vermont boosted its stake in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock worth $30,000 after acquiring an additional 666 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $32.01 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market capitalization of $20.32 billion, a P/E ratio of 7.18, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03. The company's 50 day moving average price is $34.55 and its two-hundred day moving average price is $32.98. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $41.06.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $1.41 EPS. On average, analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were 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 $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on DVN. Evercore ISI lifted their price objective on shares of Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a research note on Monday, October 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Devon Energy in a research note on Wednesday, October 8th. Barclays reduced their price objective on shares of Devon Energy from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 7th. Bernstein Bank reduced their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.68.

Devon Energy Company Profile

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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