Devon Energy Corporation $DVN Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP has slightly reduced its stake in Devon Energy by selling 14,124 shares, now holding 9,236,740 shares worth approximately $345.4 million.
• Devon Energy reported a quarterly EPS of $0.84, exceeding expectations, with revenue totaling $4.28 billion, a 9.4% increase year-over-year.
• The company declared a quarterly dividend of $0.24 per share, representing a yield of 2.8%, payable on September 30th to shareholders of record on September 15th.

Dimensional Fund Advisors LP cut its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,236,740 shares of the energy company's stock after selling 14,124 shares during the period. Dimensional Fund Advisors LP owned about 1.44% of Devon Energy worth $345,407,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the first quarter worth approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the first quarter worth approximately $26,000. Rakuten Securities Inc. lifted its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the last quarter. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Finally, SouthState Corp grew its position in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.0470 during trading hours on Thursday, hitting $33.8270. 3,814,848 shares of the company were exchanged, compared to its average volume of 8,953,000. 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 has a 50-day moving average of $33.26 and a 200-day moving average of $33.13. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $46.04. The stock has a market capitalization of $21.47 billion, a price-to-earnings ratio of 7.58, a P/E/G ratio of 1.92 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.41 EPS. As a group, analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DVN. UBS Group boosted 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. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Tudor, Pickering, Holt & Co. upped their target price on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. The Goldman Sachs Group lifted their price target on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Morgan Stanley increased their price objective on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a report on Monday. Fifteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Insider Buying and Selling at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction 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 transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.71% of the stock is currently owned by company insiders.

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.