Nordea Investment Management AB Sells 16,538 Shares of Devon Energy Corporation $DVN

Key Points

• Nordea Investment Management AB reduced its stake in Devon Energy by 27.4%, selling 16,538 shares and bringing its total holdings to 43,723 shares, valued at approximately $1,399,000.
• Devon Energy reported a quarterly earnings of $0.84 EPS, surpassing analysts' estimates of $0.83, along with a 9.4% year-over-year revenue increase to $4.28 billion.
• A quarterly dividend of $0.24 per share was recently paid to shareholders, representing an annualized dividend of $0.96 and a yield of 2.9%.

Nordea Investment Management AB lowered its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 27.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 43,723 shares of the energy company's stock after selling 16,538 shares during the period. Nordea Investment Management AB's holdings in Devon Energy were worth $1,399,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the period. Northern Trust Corp lifted its stake in shares of Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock worth $245,987,000 after purchasing an additional 316,460 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Devon Energy by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after purchasing an additional 354,633 shares during the period. Institutional investors own 69.72% of the company's stock.

Devon Energy Trading Up 3.2%

Devon Energy stock opened at $33.44 on Friday. The firm has a 50 day moving average of $34.45 and a 200 day moving average of $32.95. The firm has a market capitalization of $21.23 billion, a price-to-earnings ratio of 7.50, a P/E/G ratio of 2.51 and a beta of 1.03. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $40.54. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the firm posted $1.41 EPS. The company's revenue was up 9.4% on a year-over-year basis. As a group, research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $41.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, October 15th. Susquehanna lowered their price objective on shares of Devon Energy to $41.00 and set a "positive" rating on the stock in a research note on Monday. Roth Capital assumed coverage on shares of Devon Energy in a research note on Monday, October 13th. They issued a "buy" rating and a $42.00 price objective on the stock. Bernstein Bank lowered their price objective 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.14.

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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