King Luther Capital Management Corp trimmed its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 14.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 552,117 shares of the energy company's stock after selling 95,252 shares during the period. King Luther Capital Management Corp owned about 0.09% of Devon Energy worth $20,649,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the first quarter worth $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy in the fourth quarter worth $28,000. Rakuten Securities Inc. lifted 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. Finally, Hughes Financial Services LLC bought a new position in Devon Energy in the first quarter valued at about $38,000. 69.72% of the stock is currently owned by institutional investors.
Devon Energy Stock Up 0.8%
Shares of NYSE DVN traded up $0.27 during mid-day trading on Wednesday, reaching $33.59. 5,810,564 shares of the company's stock were exchanged, compared to its average volume of 8,026,323. The firm has a market capitalization of $21.32 billion, a price-to-earnings ratio of 7.53, a PEG ratio of 1.89 and a beta of 1.07. 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 fifty day simple moving average of $33.17 and a 200 day simple moving average of $33.18. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04.
Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm earned $1.41 EPS. Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.
Devon Energy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.
Analysts Set New Price Targets
Several research firms recently issued reports on DVN. Bernstein Bank decreased their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Morgan Stanley reiterated an "overweight" rating and issued a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. Piper Sandler reiterated an "overweight" rating and issued a $58.00 price target (up previously from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. The Goldman Sachs Group raised their price target on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.
View Our Latest Stock Analysis on DVN
Insider Transactions at Devon Energy
In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company's stock.
Devon Energy Company Profile
(
Free Report)
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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