Brandywine Global Investment Management LLC Lowers Stock Position in Devon Energy Corporation $DVN

Key Points

• Brandywine Global Investment Management LLC decreased its stock position in Devon Energy Corporation by 5.1%, retaining 688,569 shares after selling 36,784 shares.
• Devon Energy reported $0.84 earnings per share (EPS) for the last quarter, exceeding analysts' expectations and reflecting a 9.4% increase in revenue from the previous year.
• The company announced a quarterly dividend of $0.24 per share, resulting in a dividend yield of 2.8% and a payout ratio of 21.52%.

Brandywine Global Investment Management LLC cut its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 688,569 shares of the energy company's stock after selling 36,784 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.11% of Devon Energy worth $25,752,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in DVN. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after purchasing an additional 1,315,050 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in shares of Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Northern Trust Corp raised its stake in shares of Devon Energy by 2.4% during the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock worth $204,914,000 after purchasing an additional 144,789 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Devon Energy by 8.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after purchasing an additional 354,633 shares during the period. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction 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 transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.71% of the stock is currently owned by insiders.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.0550 during mid-day trading on Thursday, hitting $33.8350. The company had a trading volume of 2,137,285 shares, compared to its average volume of 8,943,974. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $46.04. The company has a market capitalization of $21.48 billion, a price-to-earnings ratio of 7.58, a P/E/G ratio of 1.92 and a beta of 1.07. The stock's 50-day moving average price is $33.26 and its 200-day moving average price is $33.13.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio is currently 21.52%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DVN shares. Tudor, Pickering, Holt & Co. increased their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. 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. Mizuho lowered their price target on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Bank of America decreased their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Fifteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $44.15.

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.