Blair William & Co. IL Sells 38,938 Shares of Devon Energy Corporation $DVN

Key Points

• Blair William & Co. IL reduced its stake in Devon Energy by 43.3% during the second quarter, selling 38,938 shares, leaving them with a total of 50,947 shares valued at approximately $1.62 million.
• Devon Energy reported $0.84 earnings per share (EPS) for the most recent quarter, exceeding analysts' estimates of $0.83 and indicating a 9.4% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.24 per share, yielding 2.9% annually, with a dividend payout ratio of 21.52%.

Blair William & Co. IL lowered its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 43.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,947 shares of the energy company's stock after selling 38,938 shares during the quarter. Blair William & Co. IL's holdings in Devon Energy were worth $1,621,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after buying an additional 26,519 shares during the period. Autumn Glory Partners LLC increased its position in Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after purchasing an additional 20,000 shares during the period. Intact Investment Management Inc. acquired a new stake in Devon Energy during the 1st quarter valued at approximately $2,524,000. Praxis Investment Management Inc. increased its position in Devon Energy by 41.8% during the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock valued at $1,758,000 after purchasing an additional 13,860 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Devon Energy by 38.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock valued at $31,850,000 after purchasing an additional 236,624 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of DVN opened at $32.69 on Wednesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $41.84. The business's fifty day moving average is $34.56 and its 200 day moving average is $33.02. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The stock has a market cap of $20.75 billion, a P/E ratio of 7.33, a P/E/G ratio of 1.93 and a beta of 1.03.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (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 company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period last year, the business earned $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DVN shares. Weiss Ratings reissued a "hold (c-)" rating on shares of Devon Energy in a research report on Wednesday, October 8th. Wolfe Research increased their target price on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley cut their price target on Devon Energy from $49.00 to $47.00 and set an "overweight" rating on the stock in a report on Tuesday. Finally, Royal Bank Of Canada set a $42.00 price target on Devon Energy and gave the stock a "sector perform" rating in a report on Friday. Seventeen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.68.

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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