Devon Energy Corporation $DVN Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. sold 14,498 shares of Devon Energy Corporation, reducing its position by 8.8% to a total of 150,705 shares, with holdings valued at $5,636,000.
• Director Kelt Kindick sold 7,685 shares of Devon Energy, decreasing their ownership by 19.46% and retaining shares valued at over $1 million.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.7%, and has a market capitalization of $22.93 billion.

Corebridge Financial Inc. lessened its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 150,705 shares of the energy company's stock after selling 14,498 shares during the period. Corebridge Financial Inc.'s holdings in Devon Energy were worth $5,636,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Freedom Investment Management Inc. boosted its stake in shares of Devon Energy by 7.0% in the first quarter. Freedom Investment Management Inc. now owns 9,091 shares of the energy company's stock worth $340,000 after acquiring an additional 596 shares during the last quarter. SVB Wealth LLC boosted its stake in Devon Energy by 4.1% during the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock worth $304,000 after purchasing an additional 321 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Devon Energy by 18.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 4,794 shares of the energy company's stock worth $176,000 after purchasing an additional 737 shares during the last quarter. AlphaQuest LLC grew its holdings in shares of Devon Energy by 84.4% during the first quarter. AlphaQuest LLC now owns 9,751 shares of the energy company's stock worth $365,000 after buying an additional 4,462 shares in the last quarter. Finally, Strategies Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the first quarter valued at about $432,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wolfe Research upped their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Siebert Williams Shank lifted their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Jefferies Financial Group upped 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. William Blair started coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Tudor, Pickering, Holt & Co. boosted their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Up 1.3%

NYSE:DVN traded up $0.45 during trading hours on Thursday, hitting $35.53. The company's stock had a trading volume of 2,856,119 shares, compared to its average volume of 8,824,425. The stock has a fifty day moving average of $33.59 and a 200-day moving average of $33.23. The stock has a market capitalization of $22.55 billion, a P/E ratio of 7.96, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. 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 (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, equities 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. Investors of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy's payout ratio is 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's 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 transaction, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.71% of the stock is owned by corporate insiders.

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.