Campbell & CO Investment Adviser LLC Cuts Stock Holdings in Devon Energy Corporation $DVN

Key Points

• Campbell & CO Investment Adviser LLC significantly reduced its stake in Devon Energy, decreasing holdings by 57.5%, selling 72,680 shares in the first quarter.
• Devon Energy reported $0.84 EPS for the last quarter, slightly beating analysts' expectations and achieved a 9.4% revenue increase year-over-year.
• The energy company announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.7%, to be paid on September 30th.

Campbell & CO Investment Adviser LLC reduced its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 57.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,752 shares of the energy company's stock after selling 72,680 shares during the period. Campbell & CO Investment Adviser LLC's holdings in Devon Energy were worth $2,010,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy in the first quarter worth about $26,000. Rakuten Securities Inc. lifted its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares in the last quarter. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $28,000. Finally, SouthState Corp grew its stake in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after acquiring an additional 771 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on DVN. Mizuho reduced their target price on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Morgan Stanley upped their target price on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Tudor, Pickering, Holt & Co. increased their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $44.15.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.71% of the stock is owned by corporate insiders.

Devon Energy Trading Up 0.9%

Shares of Devon Energy stock traded up $0.31 during trading on Thursday, hitting $35.87. The stock had a trading volume of 5,119,588 shares, compared to its average volume of 8,906,277. The stock has a market cap of $22.77 billion, a PE ratio of 8.04, a PEG ratio of 2.03 and a beta of 1.07. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $45.34. The firm's fifty day simple moving average is $33.31 and its 200-day simple moving average is $33.18. 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 (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 EPS. As a group, sell-side analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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

Devon Energy Company 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.