KMG Fiduciary Partners LLC Sells 51,147 Shares of Devon Energy Corporation $DVN

Key Points

• KMG Fiduciary Partners LLC reduced its stake in Devon Energy Corporation by 49.3%, now holding 52,510 shares valued at approximately $1.67 million.
• Devon Energy reported a better-than-expected quarterly EPS of $0.84 and revenues of $4.28 billion, exceeding analyst estimates.
• The company declared a quarterly dividend of $0.24, representing an annualized yield of 2.7%, with the ex-dividend date set for September 15th.

KMG Fiduciary Partners LLC cut its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 49.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,510 shares of the energy company's stock after selling 51,147 shares during the quarter. KMG Fiduciary Partners LLC's holdings in Devon Energy were worth $1,670,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DVN. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy in the first quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy in the first quarter valued at about $26,000. Rakuten Securities Inc. boosted its stake 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 acquiring an additional 405 shares during the last quarter. SouthState Corp boosted its stake 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 acquiring an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new position in Devon Energy in the first quarter valued at about $38,000. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on DVN shares. Tudor, Pickering, Holt & Co. boosted their target price on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Bernstein Bank dropped their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. UBS Group upped their price target on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Jefferies Financial Group upped their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Finally, Piper Sandler dropped their price target on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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 shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.71% of the company's stock.

Devon Energy Trading Down 3.0%

Shares of DVN stock traded down $1.04 on Friday, hitting $33.97. 13,518,509 shares of the company's stock traded hands, compared to its average volume of 6,650,624. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company's fifty day simple moving average is $33.97 and its 200 day simple moving average is $33.13. The stock has a market capitalization of $21.56 billion, a price-to-earnings ratio of 7.62, a P/E/G ratio of 1.97 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm earned $1.41 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 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.