Devon Energy Corporation $DVN Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its stake in Devon Energy by 17.1% during the first quarter, selling 57,695 shares and holding 279,795 shares valued at approximately $10.46 million.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 2.7%, with the dividend record date on September 15th.
• The company's stock, trading at $35.52, has a market cap of $22.55 billion and is rated as a "Moderate Buy" with an average target price of $44.15.

Rafferty Asset Management LLC trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 17.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 279,795 shares of the energy company's stock after selling 57,695 shares during the quarter. Rafferty Asset Management LLC's holdings in Devon Energy were worth $10,464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MML Investors Services LLC boosted its stake in Devon Energy by 144.3% in the 4th quarter. MML Investors Services LLC now owns 43,122 shares of the energy company's stock worth $1,411,000 after purchasing an additional 25,473 shares during the period. Nebula Research & Development LLC bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $444,000. Northern Trust Corp boosted its position in shares of Devon Energy by 2.4% during the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock valued at $204,914,000 after acquiring an additional 144,789 shares during the last quarter. Lido Advisors LLC boosted its position in shares of Devon Energy by 4.0% during the 4th quarter. Lido Advisors LLC now owns 29,647 shares of the energy company's stock valued at $970,000 after acquiring an additional 1,136 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Devon Energy by 59.9% during the 4th quarter. AQR Capital Management LLC now owns 1,778,980 shares of the energy company's stock valued at $57,728,000 after acquiring an additional 666,206 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.5%

DVN stock traded up $0.20 during midday trading on Tuesday, reaching $36.30. The company's stock had a trading volume of 1,846,378 shares, compared to its average volume of 8,845,601. 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 stock has a fifty day simple moving average of $33.45 and a two-hundred day simple moving average of $33.20. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $44.08. The firm has a market capitalization of $23.04 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 2.08 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 earnings per share. On average, equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current 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 given 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 yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DVN shares. Piper Sandler lowered their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. The Goldman Sachs Group increased their target price on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Mizuho decreased their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, William Blair started coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $44.15.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by insiders.

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.