Comerica Bank Reduces Stock Holdings in Devon Energy Corporation $DVN

Key Points

• Comerica Bank reduced its stake in Devon Energy Corporation by 12.0%, owning 185,293 shares worth approximately $6.93 million after selling 25,157 shares in the first quarter.
• Institutional investors and hedge funds now own 69.72% of Devon Energy’s stock, with several firms like Ameriprise and Assenagon significantly increasing their holdings during the same period.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, representing an annualized yield of 2.7%, with a dividend payout ratio of 21.52%.

Comerica Bank trimmed its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 185,293 shares of the energy company's stock after selling 25,157 shares during the period. Comerica Bank's holdings in Devon Energy were worth $6,930,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. SVB Wealth LLC increased its position in shares of Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock worth $304,000 after purchasing an additional 321 shares during the last quarter. Whittier Trust Co. increased its position in shares of Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock worth $72,000 after purchasing an additional 377 shares during the last quarter. Callan Family Office LLC increased its position in shares of Devon Energy by 3.7% in the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock worth $396,000 after purchasing an additional 377 shares during the last quarter. Hager Investment Management Services LLC increased its position in shares of Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after purchasing an additional 380 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in shares of Devon Energy by 0.4% in the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after purchasing an additional 386 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on DVN shares. The Goldman Sachs Group increased their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company increased their price target on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Wolfe Research increased their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Jefferies Financial Group increased their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, July 14th. Finally, UBS Group increased their price target on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.15.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.71% of the company's stock.

Devon Energy Trading Up 0.7%

Shares of NYSE:DVN traded up $0.24 during trading on Monday, reaching $36.12. 6,145,109 shares of the company traded hands, compared to its average volume of 7,525,975. The firm has a market capitalization of $22.93 billion, a price-to-earnings ratio of 8.10, a P/E/G ratio of 2.08 and a beta of 1.09. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $45.34. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The business's fifty day moving average is $33.39 and its 200-day moving average is $33.19.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.41 earnings per share. As a group, analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is 21.52%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.