Devon Energy Corporation $DVN Shares Sold by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd reduced its Devon Energy stake by 27.4% in the third quarter, selling 244,811 shares and retaining 647,110 shares worth approximately $29.8 million. Institutional investors collectively own 69.72% of the company.
• Wall Street remains broadly bullish on Devon Energy, with a consensus “Moderate Buy” rating and an average price target of $60.84, compared with the reported share price of $49.27.
• Devon reported stronger-than-expected quarterly results, including $1.57 in earnings per share and $7.42 billion in revenue, while maintaining a quarterly dividend of $0.32 per share, equivalent to a 2.6% yield.

Ninety One UK Ltd lessened its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 27.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 647,110 shares of the energy company's stock after selling 244,811 shares during the quarter. Ninety One UK Ltd owned about 0.06% of Devon Energy worth $29,793,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Premier Financial Group bought a new position in shares of Devon Energy in the second quarter valued at approximately $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth approximately $25,000. JFS Wealth Advisors LLC increased its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $28,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy in the 2nd quarter worth approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DVN. Scotiabank assumed coverage on shares of Devon Energy in a report on Wednesday. They issued a "sector outperform" rating and a $61.00 price target for the company. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an "outperform" rating in a research report on Monday, June 22nd. The Goldman Sachs Group decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Stifel Nicolaus assumed coverage on shares of Devon Energy in a report on Thursday, September 10th. They issued a "buy" rating and a $61.00 price target on the stock. Finally, Citigroup increased their price objective on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.84.

Devon Energy Stock Down 1.3%

Shares of NYSE DVN opened at $49.27 on Friday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $54.19 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.32 and a beta of 0.49. The business has a 50-day moving average of $47.91 and a 200-day moving average of $46.29.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.84 earnings per share. Sell-side analysts expect that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy's payout ratio is currently 30.40%.

Insider Buying and Selling

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Clay M. Gaspar acquired 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is owned by insiders.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.