Candriam S.C.A. Lowers Position in Devon Energy Corporation $DVN

Key Points

• Candriam S.C.A. reduced its stake in Devon Energy Corporation by 30.1%, now holding 42,838 shares worth approximately $1.6 million after selling 18,414 shares in the first quarter.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, surpassing analysts' expectations, with revenue of $4.28 billion for the quarter, up 9.4% year-over-year.
• The company declared a quarterly dividend of $0.24 per share, set to be paid on September 30th, representing an annualized dividend yield of 2.7%.

Candriam S.C.A. lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 30.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,838 shares of the energy company's stock after selling 18,414 shares during the quarter. Candriam S.C.A.'s holdings in Devon Energy were worth $1,602,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Whittier Trust Co. increased its position in Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock worth $72,000 after purchasing an additional 377 shares during the last quarter. Callan Family Office LLC increased its position in Devon Energy by 3.7% in the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock worth $396,000 after purchasing an additional 377 shares during the last quarter. Hager Investment Management Services LLC increased its position in Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after purchasing an additional 380 shares during the last quarter. Private Advisor Group LLC increased its position in Devon Energy by 0.4% in the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after purchasing an additional 386 shares during the last quarter. Finally, Sierra Ocean LLC increased its position in Devon Energy by 29.4% in the first quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after purchasing an additional 388 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Trading Up 3.6%

NYSE DVN opened at $35.1250 on Friday. The company's 50-day moving average price is $33.25 and its 200-day moving average price is $33.13. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $22.30 billion, a PE ratio of 7.88, a PEG ratio of 2.00 and a beta of 1.07. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.04.

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 analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.41 earnings per share. Equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. 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 dividend payout ratio is presently 21.52%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Morgan Stanley boosted their price target on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bernstein Bank reduced their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 7th. Tudor, Pickering, Holt & Co. boosted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Siebert Williams Shank boosted their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Fifteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.15.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company'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 directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company's stock.

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.

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