Devon Energy Corporation $DVN Stock Sold by Kwmg LLC

Key Points

• Kwmg LLC reduced its Devon Energy position by 6.7% in the third quarter, selling 22,499 shares and retaining 313,708 shares valued at approximately $14.4 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $60.11, despite several firms recently lowering their targets.
• Devon Energy reported quarterly EPS of $1.57, 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 per share, yielding about 2.7% annually.

Kwmg LLC lowered its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 6.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 313,708 shares of the energy company's stock after selling 22,499 shares during the quarter. Kwmg LLC's holdings in Devon Energy were worth $14,443,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. BlackRock Inc. lifted its holdings in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp grew its stake in Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares during the period. Wellington Management Group LLP grew its stake in Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares during the period. Victory Capital Management Inc. increased its position in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Devon Energy during the 2nd quarter valued at $421,226,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DVN. Barclays lowered their target price on Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Morgan Stanley lowered their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Argus reiterated a "buy" rating and issued a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Finally, Truist Financial reduced their target price on shares of Devon Energy from $65.00 to $61.00 and set a "buy" rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.11.

Devon Energy Stock Performance

Shares of DVN stock traded down $0.44 on Wednesday, hitting $47.58. 2,680,547 shares of the stock were exchanged, compared to its average volume of 13,189,918. The firm's 50 day moving average is $47.19 and its two-hundred day moving average is $46.34. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The firm has a market capitalization of $52.33 billion, a PE ratio of 11.30, a P/E/G ratio of 1.30 and a beta of 0.49. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.84 EPS. Sell-side analysts expect that Devon Energy Corporation will post 5.27 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Tuesday, September 15th. Devon Energy's dividend payout ratio is presently 30.40%.

Insider Activity at Devon Energy

In other Devon Energy news, CEO Clay M. Gaspar bought 3,913 shares of the stock in a transaction on Monday, September 14th. The shares were acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares of the company's stock, valued at $31,626,284.16. The trade was a 0.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The stock was 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 in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by company 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.

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