DAVENPORT & Co LLC Sells 10,452 Shares of Devon Energy Corporation $DVN

Key Points

• DAVENPORT & Co LLC has reduced its stake in Devon Energy Corporation by 26.0%, selling 10,452 shares and now holding 29,735 shares valued at $946,000.
• Devon Energy reported $0.84 EPS for the last quarter, exceeding the consensus estimate of $0.83, and achieved a revenue of $4.28 billion, surpassing analyst expectations of $4.01 billion.
• The company announced a quarterly dividend of $0.24, with an annualized yield of 3.0% and a payout ratio of 21.52%.

DAVENPORT & Co LLC trimmed its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 26.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,735 shares of the energy company's stock after selling 10,452 shares during the period. DAVENPORT & Co LLC's holdings in Devon Energy were worth $946,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in shares of Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after acquiring an additional 26,519 shares during the last quarter. Autumn Glory Partners LLC boosted its position in Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares during the period. Intact Investment Management Inc. acquired a new position in Devon Energy during the first quarter valued at approximately $2,524,000. Praxis Investment Management Inc. grew its holdings in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock valued at $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Devon Energy by 38.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock valued at $31,850,000 after purchasing an additional 236,624 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Activity

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.71% of the company's stock.

Devon Energy Trading Down 5.3%

Shares of Devon Energy stock opened at $32.54 on Friday. The firm has a market capitalization of $20.65 billion, a PE ratio of 7.29, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company's fifty day moving average price is $34.53 and its two-hundred day moving average price is $33.10. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The business 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 previous year, the business earned $1.41 EPS. On average, analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy's dividend payout ratio is presently 21.52%.

Analyst Ratings Changes

DVN has been the subject of several recent analyst reports. Mizuho decreased their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Monday, September 15th. UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research note on Thursday. Piper Sandler dropped their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Finally, Wolfe Research raised their target price on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.81.

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.

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