Devon Energy Corporation $DVN Holdings Trimmed by J.W. Cole Advisors Inc.

Key Points

• J.W. Cole Advisors cut its Devon Energy stake by 58.4% in the fourth quarter, leaving it with 44,025 shares worth about $1.5 million.
• Devon Energy reported Q1 earnings of $1.04 per share, missing analyst expectations, while revenue came in at $3.81 billion versus the $4.34 billion estimate. Revenue also fell 14.5% year over year.
• The company raised its quarterly dividend to $0.32 per share from $0.24, bringing the annualized payout to $1.28 and the yield to 2.8%.

J.W. Cole Advisors Inc. trimmed its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 58.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 44,025 shares of the energy company's stock after selling 61,777 shares during the period. J.W. Cole Advisors Inc.'s holdings in Devon Energy were worth $1,512,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vise Technologies Inc. grew its position in Devon Energy by 29.6% during the 4th quarter. Vise Technologies Inc. now owns 20,916 shares of the energy company's stock worth $766,000 after purchasing an additional 4,773 shares in the last quarter. Verus Capital Partners LLC grew its position in Devon Energy by 2.9% during the 4th quarter. Verus Capital Partners LLC now owns 14,969 shares of the energy company's stock worth $548,000 after purchasing an additional 427 shares in the last quarter. State of Wyoming purchased a new stake in shares of Devon Energy in the fourth quarter worth approximately $632,000. TD Asset Management Inc lifted its position in shares of Devon Energy by 7.5% in the fourth quarter. TD Asset Management Inc now owns 258,152 shares of the energy company's stock worth $9,456,000 after purchasing an additional 18,108 shares in the last quarter. Finally, Cibc World Market Inc. lifted its position in shares of Devon Energy by 40.8% in the fourth quarter. Cibc World Market Inc. now owns 857,482 shares of the energy company's stock worth $31,410,000 after purchasing an additional 248,670 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.9%

Devon Energy stock opened at $45.11 on Tuesday. The firm has a market cap of $28.03 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71. The firm has a fifty day moving average price of $47.48 and a two-hundred day moving average price of $42.87.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm's revenue was down 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. As a group, analysts forecast that Devon Energy Corporation will post 4.41 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is presently 26.74%.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: J.P. Morgan reinstated coverage on Devon Energy with an Overweight rating and a $62 price target, signaling analyst confidence in the stock’s upside potential. Devon Energy moved to Overweight at J.P. Morgan on 'core of the core' acreage
• Positive Sentiment: Devon’s exchange offers for Coterra notes saw strong early tender participation, which may support the company’s restructuring and debt-management efforts. Devon Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations and Extension of Deadline to Receive Total Exchange Consideration
• Positive Sentiment: Investor discussion has turned optimistic around Devon’s capital-return strategy, including its share repurchase program and higher dividend after the Coterra merger. Devon Energy Reshapes Portfolio And Capital Returns After Coterra Merger
• Neutral Sentiment: Energy stocks were broadly firmer in premarket trading, providing a supportive sector backdrop for Devon Energy. Sector Update: Energy Stocks Advance Premarket Monday
• Neutral Sentiment: One insider sale was disclosed in recent months, but this appears secondary to the larger analyst and corporate-action catalysts. Devon Energy Stock (DVN) Opinions on Analyst Coverage Reinstatement

Insiders Place Their Bets

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. UBS Group decreased their target price on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, April 14th. Raymond James Financial raised shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 target price for the company in a research note on Tuesday, May 5th. Argus lifted their target price on shares of Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Finally, Jefferies Financial Group lifted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $58.67.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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