Devon Energy Corporation $DVN Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Devon Energy stake by 11% in the first quarter, selling 40,282 shares and retaining 326,757 shares valued at approximately $16.4 million. Institutional investors and hedge funds own 69.72% of the company.
• Analyst sentiment remains positive, with Devon holding a consensus “Moderate Buy” rating and an average price target of $59.56; several firms recently raised their targets, although some maintained or downgraded the stock to “Hold.”
• Devon reported quarterly EPS of $1.04, slightly below estimates, while revenue fell 14.5% year over year to $3.81 billion. The company increased its quarterly dividend from $0.24 to $0.32, implying a 2.8% annualized yield.

The Manufacturers Life Insurance Company reduced its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 11.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 326,757 shares of the energy company's stock after selling 40,282 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Devon Energy worth $16,442,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new position in shares of Devon Energy during the fourth quarter worth $29,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $29,000. Elyxium Wealth LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $31,000. Finally, DV Equities LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $32,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on DVN shares. Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Mizuho upped their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Argus raised their target price on Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Devon Energy in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $59.56.

Devon Energy Stock Performance

Shares of DVN opened at $45.08 on Friday. The business's fifty day moving average price is $43.64 and its 200 day moving average price is $44.63. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market capitalization of $28.01 billion, a PE 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 (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 the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm's revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.82 EPS. Equities research analysts forecast that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is presently 35.65%.

Insider Activity at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction dated 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 sale, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last quarter. Insiders own 4.58% of the company's stock.

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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