Sava Infond d.o.o. Trims Stake in Devon Energy Corporation $DVN

Key Points

• Sava Infond d.o.o. has significantly reduced its stake in Devon Energy Corporation by 74.3%, now holding just 3,200 shares, valued at approximately $102,000.
• Multiple institutional investors, including Vanguard Group and Ameriprise Financial, have increased their stakes in Devon Energy, collectively holding about 69.72% of the stock.
• Devon Energy recently reported a quarterly earnings per share of $0.84, exceeding expectations and indicating a 9.4% year-over-year revenue increase, alongside a declared quarterly dividend of $0.24.

Sava Infond d.o.o. reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 74.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,200 shares of the energy company's stock after selling 9,260 shares during the period. Sava Infond d.o.o.'s holdings in Devon Energy were worth $102,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

DVN has been the subject of several analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Barclays upped their price objective on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Devon Energy in a research report on Saturday, September 27th. Finally, Jefferies Financial Group boosted their target price on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.81.

Devon Energy Stock Performance

DVN opened at $34.56 on Friday. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The stock has a market cap of $21.94 billion, a P/E ratio of 7.75, a P/E/G ratio of 2.00 and a beta of 1.03. The stock's 50 day simple moving average is $34.44 and its 200 day simple moving average is $33.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the business posted $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

About Devon Energy

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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