Bank of Nova Scotia Sells 109,298 Shares of Devon Energy Corporation $DVN

Key Points

• Bank of Nova Scotia cut its Devon Energy stake by 47.1% in the first quarter, selling 109,298 shares and retaining 122,782 shares valued at approximately $6.18 million. Institutional investors collectively own 69.72% of DVN.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $59.56, despite mixed revisions ranging from UBS’s reduced target to Susquehanna’s increase.
• Devon Energy’s shares opened at $43.12 after declining 4.3%; the company missed quarterly earnings and revenue estimates, while increasing its quarterly dividend to $0.32, implying a 3.0% annual yield.

Bank of Nova Scotia trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 47.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 122,782 shares of the energy company's stock after selling 109,298 shares during the period. Bank of Nova Scotia's holdings in Devon Energy were worth $6,180,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Tobam lifted its position in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock valued at $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC lifted its position in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after purchasing an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT lifted its holdings in shares of Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company's stock valued at $129,000 after acquiring an additional 258 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Susquehanna increased their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Argus lifted their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Wall Street Zen cut Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Finally, Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.56.

Insider Buying and Selling

In other news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by insiders.

Devon Energy Stock Down 4.3%

DVN stock opened at $43.12 on Tuesday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a 50-day simple moving average of $43.96 and a 200-day simple moving average of $44.45. The stock has a market capitalization of $26.80 billion, a P/E ratio of 12.01 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. This is an increase from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, June 15th. Devon Energy's dividend payout ratio (DPR) is presently 35.65%.

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.

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