Devon Energy Corporation $DVN Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its Devon Energy stake by 19.9% in the fourth quarter, selling 517,382 shares and leaving it with 2.08 million shares worth about $76.2 million.
• Devon Energy insiders also trimmed holdings, with SVP Adam M. Vela and EVP Jeffrey L. Ritenour among those selling shares; insiders sold 112,371 shares total over the last three months.
• The company raised its quarterly dividend to $0.32 per share, or $1.28 annually, yielding about 3.0%, even as its latest earnings missed analyst expectations on both EPS and revenue.

Hsbc Holdings PLC decreased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 19.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,081,059 shares of the energy company's stock after selling 517,382 shares during the quarter. Hsbc Holdings PLC owned 0.34% of Devon Energy worth $76,207,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Woodline Partners LP increased its stake in Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Devon Energy in the 2nd quarter worth approximately $403,000. Jump Financial LLC boosted its holdings in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after acquiring an additional 8,127 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,371 shares of company stock valued at $5,258,059 over the last three months. Company insiders own 4.58% of the company's stock.

Devon Energy Stock Up 2.2%

DVN stock opened at $43.03 on Tuesday. The firm has a market cap of $26.74 billion, a PE ratio of 11.99 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $46.28 and a 200 day simple moving average of $43.39.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion during 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 company's quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 EPS. Equities research analysts forecast that Devon Energy Corporation will post 4.97 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy's payout ratio is presently 35.65%.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent analyst reports. Barclays boosted their target price on Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Argus lifted their price target on Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Wells Fargo & Company boosted their price objective on Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Truist Financial upped their price objective on Devon Energy from $63.00 to $66.00 and gave the company a "buy" rating in a report on Monday, June 1st. Finally, Zacks Research cut Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $58.52.

About Devon Energy

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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