Curi RMB Capital LLC Sells 121,238 Shares of Devon Energy Corporation $DVN

Key Points

• Curi RMB Capital LLC reduced its stake in Devon Energy by 32.8%, now holding 248,735 shares valued at approximately $9.3 million as of the latest SEC filing.
• Devon Energy reported earnings of $0.84 per share and revenue of $4.28 billion for the last quarter, surpassing analysts' expectations of $0.83 EPS and $4.01 billion in revenue.
• The company announced a quarterly dividend of $0.24 per share, resulting in an annualized dividend of $0.96 and a yield of 2.7%, with the payout ratio at 21.52%.

Curi RMB Capital LLC reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 32.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 248,735 shares of the energy company's stock after selling 121,238 shares during the period. Curi RMB Capital LLC's holdings in Devon Energy were worth $9,303,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of DVN. Ameriprise Financial Inc. increased its position in Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. increased its position in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Nuveen LLC acquired a new position in Devon Energy in the 1st quarter worth about $69,975,000. AQR Capital Management LLC increased its position in Devon Energy by 100.0% in the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock worth $132,051,000 after purchasing an additional 1,779,382 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Devon Energy by 530.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after acquiring an additional 1,739,436 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. William Blair assumed coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Jefferies Financial Group increased their price objective on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Wolfe Research increased their price objective on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Piper Sandler lowered their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Finally, JPMorgan Chase & Co. increased their target price on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Devon Energy Stock Up 2.0%

Shares of Devon Energy stock traded up $0.70 during trading on Wednesday, reaching $35.01. The stock had a trading volume of 1,802,674 shares, compared to its average volume of 8,766,840. The company has a market capitalization of $22.22 billion, a price-to-earnings ratio of 7.84, a P/E/G ratio of 1.99 and a beta of 1.09. The stock has a fifty day moving average price of $33.79 and a two-hundred day moving average price of $33.16. 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 released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $4.01 billion. During the same quarter in the prior year, the company posted $1.41 earnings per share. Devon Energy's revenue was up 9.4% on a year-over-year basis. Sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.24 per share. 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.