Devon Energy Corporation $DVN Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its stake in Devon Energy by selling 114,848 shares, resulting in an ownership of 25,586 shares worth approximately $957,000.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, with an ex-dividend date of September 15th, representing a total annualized dividend of $0.96 and a yield of 2.7%.
• Analysts have increased their price targets for Devon Energy, with estimates now ranging from $40.00 to $49.00, reflecting growing confidence in the stock's performance.

BI Asset Management Fondsmaeglerselskab A S reduced its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,586 shares of the energy company's stock after selling 114,848 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Devon Energy were worth $957,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the first quarter worth $26,000. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy in the first quarter valued at $26,000. Rakuten Securities Inc. boosted its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the period. Accredited Wealth Management LLC purchased a new position in Devon Energy in the fourth quarter valued at $28,000. Finally, SouthState Corp boosted its holdings in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after purchasing an additional 771 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent research reports. Bernstein Bank decreased their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 7th. Jefferies Financial Group lifted their target price on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Wolfe Research lifted their target price on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Siebert Williams Shank lifted their target price on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Raymond James Financial restated an "outperform" rating and issued a $45.00 price target (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Insider Activity at Devon Energy

In other 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 transaction of $257,140.10. Following the sale, the director owned 31,801 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.73% of the company's stock.

Devon Energy Stock Performance

Shares of DVN traded up $0.32 during midday trading on Wednesday, reaching $35.55. 5,118,639 shares of the stock were exchanged, compared to its average volume of 8,909,750. The business's 50-day moving average price is $33.28 and its 200 day moving average price is $33.16. 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 twelve month low of $25.89 and a twelve month high of $45.34. The company has a market capitalization of $22.57 billion, a price-to-earnings ratio of 7.96, a PEG ratio of 2.04 and a beta of 1.07.

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

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy's payout ratio is 21.52%.

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.