Belpointe Asset Management LLC Cuts Holdings in Devon Energy Corporation $DVN

Key Points

• Belpointe Asset Management LLC has reduced its stake in Devon Energy Corporation by 57.6%, now holding 21,624 shares after selling 29,401 shares in Q2, valued at approximately $688,000.
• Devon Energy reported a quarterly earnings per share of $0.84, slightly above the consensus estimate, with a revenue of $4.28 billion, marking a year-over-year increase of 9.4%.
• The company recently announced a quarterly dividend of $0.24 per share, resulting in an annualized rate of $0.96 and a dividend yield of 2.7%.

Belpointe Asset Management LLC decreased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 57.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,624 shares of the energy company's stock after selling 29,401 shares during the period. Belpointe Asset Management LLC's holdings in Devon Energy were worth $688,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DVN. Two Sigma Investments LP purchased a new position in shares of Devon Energy during the fourth quarter valued at about $256,000. Wedmont Private Capital purchased a new position in Devon Energy in the first quarter worth about $288,000. Park Avenue Securities LLC grew its position in Devon Energy by 45.4% in the first quarter. Park Avenue Securities LLC now owns 14,604 shares of the energy company's stock worth $546,000 after acquiring an additional 4,562 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in Devon Energy in the first quarter worth about $212,000. Finally, Farther Finance Advisors LLC grew its position in Devon Energy by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 19,866 shares of the energy company's stock worth $746,000 after acquiring an additional 2,250 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 0.1%

Shares of NYSE DVN opened at $34.97 on Thursday. The firm has a 50-day simple moving average of $34.49 and a two-hundred day simple moving average of $33.15. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The company has a market cap of $22.20 billion, a P/E ratio of 7.84, a PEG ratio of 2.04 and a beta of 1.03.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share 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 firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The company's revenue was up 9.4% on a year-over-year basis. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's payout ratio is currently 21.52%.

Insider Buying and Selling at Devon Energy

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 transaction of $257,140.10. Following the completion of 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 SEC, which is accessible through this link. Corporate insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent research reports. BMO Capital Markets lifted 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. lifted their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Siebert Williams Shank lifted 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. William Blair initiated coverage on Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Evercore ISI lifted their price target on Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a research report on Monday. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $43.48.

Devon Energy 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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