Devon Energy Corporation $DVN Stock: Ellis Investment Partners LLC Cuts Stake

Key Points

• Ellis Investment Partners reduced its Devon Energy stake by 73.6% in the third quarter, selling 28,599 shares and retaining 10,275 shares valued at approximately $473,000. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also pays a quarterly dividend of $0.32, equivalent to a 2.6% annual yield.
• Wall Street sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $60.72, compared with a recent price of $49.96.

Ellis Investment Partners LLC lessened its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 73.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,275 shares of the energy company's stock after selling 28,599 shares during the quarter. Ellis Investment Partners LLC's holdings in Devon Energy were worth $473,000 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. JFS Wealth Advisors LLC grew its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Devon Energy during the second quarter valued at approximately $28,000. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy during the 2nd quarter worth approximately $29,000. Finally, GoalVest Advisory LLC bought a new stake in Devon Energy during the 2nd quarter worth approximately $30,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Devon Energy stock traded down $0.42 during mid-day trading on Wednesday, hitting $49.96. 4,901,765 shares of the company traded hands, compared to its average volume of 12,946,251. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a one year low of $31.65 and a one year high of $52.71. The stock has a market cap of $54.96 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 1.35 and a beta of 0.49. The stock has a fifty day moving average price of $48.27 and a 200-day moving average price of $46.30.

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

Devon Energy Dividend Announcement

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

Insider Activity

In other Devon Energy news, CEO Clay Gaspar purchased 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Scotiabank started coverage on shares of Devon Energy in a report on Wednesday, October 14th. They issued a "sector outperform" rating and a $61.00 price target on the stock. The Goldman Sachs Group dropped their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Weiss Ratings upgraded Devon Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Mizuho decreased their target price on Devon Energy from $68.00 to $65.00 and set an "outperform" rating on the stock in a research note on Friday, October 16th. Finally, Citigroup upped their target price on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, August 31st. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $60.72.

Devon Energy Company 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 focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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