RFG Advisory LLC Sells 23,183 Shares of Devon Energy Corporation $DVN

RFG Advisory LLC cut its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 69.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,013 shares of the energy company's stock after selling 23,183 shares during the quarter. RFG Advisory LLC's holdings in Devon Energy were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. NewEdge Advisors LLC increased its stake in shares of Devon Energy by 31.3% during the second quarter. NewEdge Advisors LLC now owns 171,979 shares of the energy company's stock valued at $7,106,000 after purchasing an additional 41,039 shares in the last quarter. IFP Advisors Inc increased its position in Devon Energy by 5.7% during the 2nd quarter. IFP Advisors Inc now owns 14,406 shares of the energy company's stock valued at $595,000 after buying an additional 778 shares in the last quarter. Baird Financial Group Inc. increased its position in Devon Energy by 444.4% during the 2nd quarter. Baird Financial Group Inc. now owns 357,966 shares of the energy company's stock valued at $14,791,000 after buying an additional 292,213 shares in the last quarter. Allworth Financial LP raised its stake in Devon Energy by 43.0% during the second quarter. Allworth Financial LP now owns 29,662 shares of the energy company's stock valued at $1,226,000 after buying an additional 8,924 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Devon Energy by 87.9% in the second quarter. Arizona State Retirement System now owns 304,308 shares of the energy company's stock worth $12,574,000 after acquiring an additional 142,379 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Clay Gaspar bought 3,913 shares of the firm's stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.58% of the company's stock.

Devon Energy Price Performance

NYSE DVN opened at $49.73 on Tuesday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The stock has a 50-day moving average of $45.80 and a 200 day moving average of $46.01. The company has a market capitalization of $54.70 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.37 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 EPS. The business's revenue for the quarter was up 73.1% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.

Analyst Ratings Changes

Several brokerages have recently weighed in on DVN. Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Truist Financial upped their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Seaport Research Partners started coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They set a "buy" rating and a $65.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Finally, Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.76.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.