Banco Bilbao Vizcaya Argentaria S.A. Has $10.62 Million Stock Position in Devon Energy Corporation $DVN

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. reduced its stake in Devon Energy Corporation by 13.6%, owning 284,134 shares worth approximately $10.62 million after selling 44,785 shares in Q1.
• Major institutional investors like Vanguard Group and Victory Capital Management have increased their holdings in Devon Energy, with Vanguard boosting its stake by 2.6% to approximately $3.1 billion.
• Devon Energy recently reported $4.28 billion in revenue for its last quarter, surpassing analyst expectations, while also announcing a $0.24 quarterly dividend payable on September 30th.

Banco Bilbao Vizcaya Argentaria S.A. trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 13.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 284,134 shares of the energy company's stock after selling 44,785 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Devon Energy were worth $10,624,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of DVN. Financial Gravity Asset Management Inc. bought a new position in Devon Energy in the 1st quarter valued at $26,000. Banque Cantonale Vaudoise bought a new position in Devon Energy in the 1st quarter valued at $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy in the 4th quarter valued at $28,000. Rakuten Securities Inc. boosted its position in Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. Finally, SouthState Corp boosted its position in Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.7%

DVN stock traded up $0.2590 during midday trading on Monday, hitting $35.4190. 2,158,492 shares of the company's stock were exchanged, compared to its average volume of 8,917,793. The stock's fifty day moving average price is $33.25 and its 200-day moving average price is $33.13. 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 cap of $22.48 billion, a PE ratio of 7.94, a price-to-earnings-growth ratio of 2.00 and a beta of 1.07. Devon Energy Corporation has a one year low of $25.89 and a one year high of $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company posted $1.41 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts predict 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 will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Analysts Set New Price Targets

A number of research analysts have commented on DVN shares. Piper Sandler decreased their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Siebert Williams Shank raised their price target on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. BMO Capital Markets raised their price target on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Tudor, Pickering, Holt & Co. raised their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, Wolfe Research raised their price target on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $44.15.

Insider Activity

In related news, 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 owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company's stock.

About Devon Energy

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.