Gagnon Securities LLC Sells 21,511 Shares of Devon Energy Corporation $DVN

Key Points

• Gagnon Securities LLC sold 21,511 shares of Devon Energy Corporation, reducing its stake by 51.4% during the second quarter, leaving them with 20,311 shares valued at $646,000.
• Several institutional investors, including Two Sigma Investments and NBC Securities Inc., have recently changed their positions in Devon Energy, highlighting increased interest among hedge funds in the stock.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding expectations, with total revenue of $4.28 billion, marking a 9.4% increase year-over-year.

Gagnon Securities LLC reduced its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 51.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,311 shares of the energy company's stock after selling 21,511 shares during the period. Gagnon Securities LLC's holdings in Devon Energy were worth $646,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DVN. Two Sigma Investments LP purchased a new position in shares of Devon Energy during the 4th quarter valued at about $256,000. NBC Securities Inc. lifted its position in shares of Devon Energy by 122,633.3% during the 1st quarter. NBC Securities Inc. now owns 3,682 shares of the energy company's stock valued at $137,000 after buying an additional 3,679 shares in the last quarter. Wedmont Private Capital purchased a new position in shares of Devon Energy during the 1st quarter valued at about $288,000. Park Avenue Securities LLC lifted its position in shares of Devon Energy by 45.4% during the 1st quarter. Park Avenue Securities LLC now owns 14,604 shares of the energy company's stock valued at $546,000 after buying an additional 4,562 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Devon Energy during the 1st quarter valued at about $212,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 transaction of $257,140.10. Following the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on DVN. Tudor, Pickering, Holt & Co. lifted their price objective on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Mizuho lowered their price objective on Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Bernstein Bank dropped their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 7th. Siebert Williams Shank increased their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, William Blair initiated coverage on shares of Devon Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Sixteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.48.

Devon Energy Stock Up 0.1%

Shares of DVN opened at $34.95 on Wednesday. The stock has a market capitalization of $22.18 billion, a price-to-earnings ratio of 7.84, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The business's 50 day simple moving average is $34.47 and its 200-day simple moving average is $33.14. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

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

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's dividend payout ratio is 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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