Devon Energy Corporation (NYSE:DVN) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Devon Energy Corporation by 7.7%, owning approximately 1.36% of the company, valued at $326.7 million following the sale of 726,338 shares.
• Research analysts have recently raised their price targets for Devon Energy shares, with BMO Capital Markets setting a new target of $51.00 and Siebert Williams Shank increasing theirs to $52.00, reflecting positive market sentiment.
• Devon Energy announced a $0.24 quarterly dividend to be paid on September 30th, resulting in an annual yield of 2.9%, with a current payout ratio of 21.52%.

Invesco Ltd. lowered its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 7.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,735,381 shares of the energy company's stock after selling 726,338 shares during the quarter. Invesco Ltd. owned about 1.36% of Devon Energy worth $326,703,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new position in shares of Devon Energy during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the first quarter valued at approximately $26,000. Rakuten Securities Inc. increased its stake 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 valued at $31,000 after acquiring an additional 405 shares during the period. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at approximately $28,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Devon Energy during the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. BMO Capital Markets raised their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Siebert Williams Shank raised their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Scotiabank restated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Royal Bank Of Canada reduced their target price on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Finally, Wolfe Research raised their target price on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average price target of $43.93.

Insider Transactions 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 shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.73% of the company's stock.

Devon Energy Trading Down 1.2%

Shares of NYSE:DVN opened at $32.87 on Tuesday. The firm has a fifty day moving average of $33.11 and a two-hundred day moving average of $33.17. The firm has a market capitalization of $20.86 billion, a P/E ratio of 7.37, a price-to-earnings-growth ratio of 1.89 and a beta of 1.07. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

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 (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 EPS. On average, equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio is currently 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.

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