Devon Energy Corporation $DVN Shares Sold by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management Inc. reduced its holdings in Devon Energy Corporation by 20.3%, selling 11,498 shares to end up with 45,257 shares worth approximately $1.69 million as of the latest SEC filing.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, with a yield of 2.8%, set to be paid on September 30th.
• Analysts have a consensus rating of "Moderate Buy" for Devon Energy, with an average price target of $44.15, following recent upgrades from multiple research firms.

Hodges Capital Management Inc. reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 20.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,257 shares of the energy company's stock after selling 11,498 shares during the quarter. Hodges Capital Management Inc.'s holdings in Devon Energy were worth $1,693,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the 1st quarter valued at $26,000. Rakuten Securities Inc. raised its position in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the last quarter. SouthState Corp lifted its stake in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after acquiring an additional 771 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy in the first quarter valued at about $38,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of Devon Energy stock traded down $0.98 during trading on Monday, hitting $33.79. 8,514,955 shares of the company were exchanged, compared to its average volume of 6,375,259. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week 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 firm has a 50 day moving average price of $33.93 and a 200 day moving average price of $33.10. The stock has a market capitalization of $21.45 billion, a price-to-earnings ratio of 7.58, a P/E/G ratio of 2.00 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the business posted $1.41 earnings per share. Devon Energy's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share 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 paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DVN. Barclays boosted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Siebert Williams Shank boosted their target price on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Mizuho reduced their price target on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Monday. UBS Group lifted their price target on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. upped their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $44.04.

Insider Activity at Devon Energy

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 of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by insiders.

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.