Russell Investments Group Ltd. Cuts Stock Position in Devon Energy Corporation (NYSE:DVN)

Key Points

• Russell Investments Group Ltd. reduced its stake in Devon Energy Corporation by 8.1%, selling 69,844 shares and maintaining ownership of 796,155 shares valued at approximately $29.77 million.
• Devon Energy's most recent earnings report showed an EPS of $0.84, exceeding analysts' expectations, with revenue up 9.4% year-over-year at $4.28 billion.
• The company declared a quarterly dividend of $0.24 per share, representing a 2.8% yield and a dividend payout ratio of 21.52%.

Russell Investments Group Ltd. lowered its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 796,155 shares of the energy company's stock after selling 69,844 shares during the period. Russell Investments Group Ltd. owned 0.12% of Devon Energy worth $29,773,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Townsquare Capital LLC grew its stake in shares of Devon Energy by 15.9% in the 4th quarter. Townsquare Capital LLC now owns 26,403 shares of the energy company's stock worth $864,000 after buying an additional 3,630 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of Devon Energy by 4.8% in the 4th quarter. Guggenheim Capital LLC now owns 146,261 shares of the energy company's stock worth $4,787,000 after buying an additional 6,749 shares during the last quarter. United Capital Financial Advisors LLC grew its stake in shares of Devon Energy by 21.2% in the 4th quarter. United Capital Financial Advisors LLC now owns 26,103 shares of the energy company's stock worth $854,000 after buying an additional 4,567 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Devon Energy by 12.0% during the 4th quarter. NewEdge Advisors LLC now owns 176,250 shares of the energy company's stock valued at $5,769,000 after purchasing an additional 18,906 shares during the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new stake in Devon Energy during the 4th quarter valued at $51,522,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $33.70 on Friday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $46.04. The stock's fifty day moving average is $33.25 and its 200 day moving average is $33.16. The stock has a market cap of $21.39 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.92 and a beta of 1.07. 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 (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period last year, the firm earned $1.41 EPS. Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Tudor, Pickering, Holt & Co. increased their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Bank of America cut their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. 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 note on Thursday, May 15th. Finally, Siebert Williams Shank increased their target price on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

Insider Buying and Selling

In other Devon Energy 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.71% of the stock is currently owned by corporate 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.

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