Fox Run Management L.L.C. Decreases Holdings in Devon Energy Corporation $DVN

Key Points

• Fox Run Management L.L.C. reduced its holdings in Devon Energy Corporation by 46.6% during Q1, owning 41,177 shares after selling 35,956 shares.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, payable on September 30th, with a current annualized yield of 2.9%.
• The company reported $0.84 EPS for the last quarter, beating estimates and showcasing a 9.4% year-over-year increase in quarterly revenue.

Fox Run Management L.L.C. reduced its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 46.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,177 shares of the energy company's stock after selling 35,956 shares during the period. Fox Run Management L.L.C.'s holdings in Devon Energy were worth $1,540,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy in the first quarter valued at $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the first quarter worth about $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth about $28,000. Rakuten Securities Inc. increased its position in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares in the last quarter. Finally, SouthState Corp increased its position in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after purchasing an additional 771 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Tudor, Pickering, Holt & Co. boosted their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Bank of America dropped their price target on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Raymond James Financial restated an "outperform" rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Piper Sandler dropped their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Finally, Siebert Williams Shank boosted their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Fifteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Stock Performance

DVN traded up $0.0950 during trading on Tuesday, reaching $33.6450. The company's stock had a trading volume of 2,775,734 shares, compared to its average volume of 8,969,581. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The company's fifty day moving average price is $33.27 and its 200-day moving average price is $33.13. The company has a market capitalization of $21.36 billion, a price-to-earnings ratio of 7.55, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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 company had revenue of $4.28 billion for 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 firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. On average, equities analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Devon Energy's payout ratio is 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business's 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 sale, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is owned by company insiders.

Devon Energy Company 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.