EagleClaw Capital Managment LLC Lowers Stock Holdings in Devon Energy Corporation $DVN

Key Points

• EagleClaw Capital Management cut its Devon Energy stake by 33.4% in the fourth quarter, selling 22,800 shares and leaving it with 45,475 shares worth about $1.67 million.
• Devon Energy reported mixed quarterly results, with earnings of $1.04 per share missing estimates and revenue of $3.81 billion coming in below expectations, while analysts still project full-year EPS of 4.21.
• The company raised its quarterly dividend to $0.32 per share from $0.24, and several analysts recently lifted price targets, with consensus sentiment remaining a Moderate Buy.

EagleClaw Capital Managment LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 33.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,475 shares of the energy company's stock after selling 22,800 shares during the period. EagleClaw Capital Managment LLC's holdings in Devon Energy were worth $1,666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Woodline Partners LP boosted its holdings in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Devon Energy in the second quarter valued at $403,000. Jump Financial LLC boosted its holdings in Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after acquiring an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after acquiring an additional 8,127 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Trading Down 0.3%

Shares of DVN opened at $44.14 on Friday. The stock's 50-day moving average is $48.03 and its two-hundred day moving average is $42.36. The stock has a market cap of $27.43 billion, a PE ratio of 12.30 and a beta of 0.43. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 EPS. Equities analysts forecast that Devon Energy Corporation will post 4.21 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, June 15th. Devon Energy's payout ratio is presently 26.74%.

Insider Transactions at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DVN shares. Morgan Stanley lifted their target price on Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. Barclays lifted their target price on Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday. Truist Financial started coverage on Devon Energy in a report on Tuesday, March 24th. They issued a "buy" rating and a $63.00 target price on the stock. Wall Street Zen cut Devon Energy from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Finally, BMO Capital Markets lifted their target price on Devon Energy from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus price target of $57.85.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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