Janney Montgomery Scott LLC Decreases Stake in Devon Energy Corporation $DVN

Key Points

• Janney Montgomery Scott LLC reduced its stake in Devon Energy Corporation by 16.0%, now holding 209,675 shares valued at approximately $6.67 million.
• Multiple hedge funds have either acquired new positions or increased their stakes in Devon Energy, with institutional investors owning about 69.72% of the company’s stock.
• Devon Energy announced a quarterly dividend of $0.24 per share, leading to an annualized yield of 2.8% for shareholders.

Janney Montgomery Scott LLC lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 16.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 209,675 shares of the energy company's stock after selling 39,808 shares during the quarter. Janney Montgomery Scott LLC's holdings in Devon Energy were worth $6,670,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy in the 1st quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new stake in Devon Energy in the 2nd quarter valued at $25,000. Rakuten Securities Inc. boosted its stake 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 purchasing an additional 405 shares during the period. Finally, SouthState Corp boosted its stake in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after purchasing an additional 771 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's 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 directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was 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. Insiders own 0.73% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of a number of research reports. Piper Sandler reduced their target price on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Wells Fargo & Company increased their price objective on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Barclays boosted their target price on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley boosted their target price on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $43.81.

Devon Energy Stock Up 0.7%

Devon Energy stock opened at $34.56 on Monday. The stock's 50 day moving average price is $34.44 and its 200 day moving average price 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. The company has a market cap of $21.94 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 2.00 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.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.41 earnings per share. On average, sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

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.

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