Guinness Asset Management LTD Has $6.70 Million Stake in Devon Energy Corporation $DVN

Key Points

• Guinness Asset Management LTD reduced its stake in Devon Energy Corporation by 19.9%, now holding shares worth approximately $6.70 million after selling 44,694 shares in the first quarter.
• Several analysts have raised their target prices for Devon Energy, with Barclays setting a new target at $42.00 and Wolfe Research at $49.00.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, giving it a dividend yield of 2.7% and reflecting a 21.52% payout ratio.

Guinness Asset Management LTD reduced its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 19.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 179,847 shares of the energy company's stock after selling 44,694 shares during the period. Guinness Asset Management LTD's holdings in Devon Energy were worth $6,696,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy in the first quarter valued at approximately $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the first quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the period. SouthState Corp lifted its holdings in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in Devon Energy in the first quarter valued at approximately $38,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. Barclays increased 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. UBS Group increased their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Wolfe Research increased their target price on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Morgan Stanley increased their target price on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Jefferies Financial Group increased their target price on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.15.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The shares were 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 of the company's stock, valued at approximately $1,064,061.46. This trade 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 is accessible through this hyperlink. Company insiders own 0.71% of the company's stock.

Devon Energy Trading Down 0.6%

Shares of NYSE:DVN opened at $35.31 on Friday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $33.88 and its 200 day simple moving average is $33.16. The firm has a market cap of $22.41 billion, a price-to-earnings ratio of 7.92, a PEG ratio of 2.04 and a beta of 1.09.

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, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the business posted $1.41 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

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.

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