Devon Energy Corporation $DVN Shares Sold by Signal Advisors Wealth LLC

Key Points

• Signal Advisors Wealth LLC sharply reduced its Devon Energy stake by 83.3% in the first quarter, selling 68,257 shares and ending with 13,677 shares worth about $688,000.
• Devon Energy reported mixed first-quarter results, with EPS of $1.04 missing estimates and revenue of $3.81 billion also below forecasts, while analysts still expect full-year EPS of 4.97.
• The company raised its quarterly dividend to $0.32 per share from $0.24, implying a 3.0% yield, even as the stock traded down 1.5% and below its recent 50-day average.

Signal Advisors Wealth LLC cut its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 83.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,677 shares of the energy company's stock after selling 68,257 shares during the period. Signal Advisors Wealth LLC's holdings in Devon Energy were worth $688,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of DVN. PKO Investment Management Joint Stock Co increased its stake in Devon Energy by 69.3% in the 1st quarter. PKO Investment Management Joint Stock Co now owns 23,461 shares of the energy company's stock worth $1,181,000 after purchasing an additional 9,600 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in Devon Energy by 20.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 193,052 shares of the energy company's stock valued at $9,714,000 after buying an additional 33,244 shares in the last quarter. Baron Wealth Management LLC acquired a new position in shares of Devon Energy in the first quarter worth about $244,000. Nations Financial Group Inc. IA ADV acquired a new position in Devon Energy in the 1st quarter worth approximately $370,000. Finally, McAlvany Wealth Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $1,503,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction that occurred on 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Jefferies Financial Group upped their price target on Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Monday, May 18th. TD Cowen lifted their target price on Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, March 17th. Sanford C. Bernstein upped their target price on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Argus increased their price target on shares of Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Finally, Wells Fargo & Company lifted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.96.

Devon Energy Trading Down 1.5%

NYSE:DVN opened at $42.72 on Thursday. The company has a market capitalization of $26.54 billion, a P/E ratio of 11.90 and a beta of 0.37. The stock's 50 day moving average price is $46.10 and its 200 day moving average price is $43.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 13.71% and a return on equity of 15.22%. Devon Energy's revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is presently 35.65%.

More Devon Energy News

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

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

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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