Mizuho Securities USA LLC Lowers Stock Position in Devon Energy Corporation (NYSE:DVN)

Key Points

• Mizuho Securities USA LLC decreased its holdings in Devon Energy Corporation by 15.5%, now owning 52,598 shares valued at approximately $1,967,000.
• Devon Energy reported earnings of $0.84 per share for the latest quarter, surpassing analyst expectations, and experienced a 9.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.24 per share, with the ex-dividend date set for September 15th, representing a dividend yield of 2.9%.

Mizuho Securities USA LLC decreased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,598 shares of the energy company's stock after selling 9,661 shares during the quarter. Mizuho Securities USA LLC's holdings in Devon Energy were worth $1,967,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd grew its holdings in Devon Energy by 15.9% during the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after purchasing an additional 345 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Devon Energy by 45.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 437,397 shares of the energy company's stock valued at $14,323,000 after purchasing an additional 137,599 shares during the period. Townsquare Capital LLC grew its holdings in Devon Energy by 15.9% during the fourth quarter. Townsquare Capital LLC now owns 26,403 shares of the energy company's stock valued at $864,000 after purchasing an additional 3,630 shares during the period. Sagespring Wealth Partners LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $352,000. Finally, Synovus Financial Corp grew its holdings in Devon Energy by 117.8% during the fourth quarter. Synovus Financial Corp now owns 82,967 shares of the energy company's stock valued at $2,716,000 after purchasing an additional 44,870 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Trading Up 0.8%

DVN stock traded up $0.26 during midday trading on Thursday, hitting $33.88. The company had a trading volume of 4,719,173 shares, compared to its average volume of 9,056,871. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04. The stock's 50 day moving average price is $33.17 and its 200 day moving average price is $33.18. The stock has a market cap of $21.50 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 1.89 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 earnings per share. As a group, equities research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 2.8%. Devon Energy's dividend payout ratio is 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction 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 completion of the transaction, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Bernstein Bank decreased their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 7th. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Barclays boosted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. BMO Capital Markets lifted their price target 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. Finally, Piper Sandler cut their price target on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday. Eleven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

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.