Parkside Investments LLC Sells 44,252 Shares of Devon Energy Corporation $DVN

Key Points

• Parkside Investments LLC has reduced its stake in Devon Energy Corporation by 31.0%, selling 44,252 shares in the second quarter, leaving it with 98,529 shares valued at approximately $3.13 million.
• Devon Energy's stock currently trades at $35.54, with a market cap of $22.56 billion, and has recently experienced a 3.9% decline in share price.
• The company announced a quarterly dividend of $0.24 per share, set to be paid on September 30th, which reflects a dividend yield of 2.7%.

Parkside Investments LLC lessened its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 31.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,529 shares of the energy company's stock after selling 44,252 shares during the quarter. Parkside Investments LLC's holdings in Devon Energy were worth $3,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. SVB Wealth LLC raised its position in shares of Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock valued at $304,000 after purchasing an additional 321 shares during the period. Whittier Trust Co. increased its position in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock worth $72,000 after acquiring an additional 377 shares during the period. Callan Family Office LLC increased its position in Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock worth $396,000 after acquiring an additional 377 shares during the period. Hager Investment Management Services LLC increased its position in Devon Energy by 9.9% during the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after acquiring an additional 380 shares during the period. Finally, Private Advisor Group LLC increased its position in Devon Energy by 0.4% during the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after acquiring an additional 386 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 3.9%

Shares of NYSE DVN opened at $35.54 on Tuesday. The company has a market capitalization of $22.56 billion, a P/E ratio of 7.97, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company's 50 day moving average price is $34.30 and its 200-day moving average price is $33.16.

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

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's payout ratio is currently 21.52%.

Analyst Ratings Changes

A number of research firms recently commented on DVN. Bernstein Bank lowered 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 report on Monday, July 7th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Tudor, Pickering, Holt & Co. raised their target price on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Finally, Wells Fargo & Company raised their price target on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Sixteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.81.

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 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 owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.73% of the company's stock.

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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