Devon Energy Corporation $DVN Position Reduced by 111 Capital

Key Points

• 111 Capital cut its Devon Energy position by 81.8% in the second quarter, selling 28,185 shares and retaining 6,282 shares valued at approximately $260,000.
• Institutional ownership remains substantial at 69.72%, with several investors increasing their stakes, including Principal Financial Group, which added 578,197 shares.
• Devon reported stronger-than-expected quarterly results, with $1.57 EPS and $7.42 billion in revenue; analysts maintain a “Moderate Buy” consensus with an average price target of $59.60, while the company declared a quarterly dividend of $0.32 per share.

111 Capital trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 81.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,282 shares of the energy company's stock after selling 28,185 shares during the period. 111 Capital's holdings in Devon Energy were worth $260,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. 71 West Capital Partners raised its stake in shares of Devon Energy by 103.1% in the 2nd quarter. 71 West Capital Partners now owns 10,736 shares of the energy company's stock worth $444,000 after buying an additional 5,449 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Devon Energy by 134.0% in the second quarter. Checchi Capital Advisers LLC now owns 12,731 shares of the energy company's stock valued at $526,000 after buying an additional 7,291 shares during the period. Transcend Capital Advisors LLC boosted its stake in Devon Energy by 41.7% during the second quarter. Transcend Capital Advisors LLC now owns 14,348 shares of the energy company's stock valued at $593,000 after buying an additional 4,224 shares in the last quarter. SYM FINANCIAL Corp boosted its stake in Devon Energy by 11.6% during the second quarter. SYM FINANCIAL Corp now owns 9,362 shares of the energy company's stock valued at $387,000 after buying an additional 976 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Devon Energy by 75.8% during the second quarter. Principal Financial Group Inc. now owns 1,341,000 shares of the energy company's stock worth $55,410,000 after acquiring an additional 578,197 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

DVN opened at $45.83 on Friday. The stock has a fifty day moving average of $43.40 and a 200-day moving average of $45.14. The firm has a market capitalization of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy's revenue was up 73.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy's payout ratio is presently 30.40%.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.58% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Jefferies Financial Group boosted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Raymond James Financial reduced their price objective on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a research report on Thursday, July 16th. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 10th. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, July 8th. Finally, Mizuho boosted their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy 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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