Devon Energy Corporation (NYSE:DVN) Shares Sold by KBC Group NV

KBC Group NV cut its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 21.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 639,882 shares of the energy company's stock after selling 172,145 shares during the quarter. KBC Group NV owned 0.10% of Devon Energy worth $23,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter valued at approximately $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy in the 4th quarter worth about $28,000. Rakuten Securities Inc. lifted its position in 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 purchasing an additional 405 shares during the period. Salem Investment Counselors Inc. boosted its stake in shares of Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after buying an additional 400 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its position in Devon Energy by 100.1% in the first quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock worth $71,000 after purchasing an additional 956 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on DVN shares. Morgan Stanley lifted their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Piper Sandler decreased their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Bank of America cut their price objective 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. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Raymond James Financial set a $40.00 price target on shares of Devon Energy in a report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.70 during midday trading on Wednesday, hitting $33.35. The company had a trading volume of 6,846,651 shares, compared to its average volume of 8,850,993. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The company's 50 day simple moving average is $32.29 and its 200 day simple moving average is $33.39. The stock has a market cap of $21.41 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 2.43 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm's quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

About Devon Energy

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.