Devon Energy Corporation $DVN Shares Sold by SeaCrest Wealth Management LLC

Key Points

• SeaCrest Wealth Management LLC has reduced its stake in Devon Energy Corporation by 62.9%, now owning 13,819 shares valued at $440,000 after selling 23,471 shares.
• Several hedge funds have also adjusted their positions in Devon Energy, with SVB Wealth LLC increasing its stake by 4.1% and Whittier Trust Co. boosting it by 24.3%.
• Devon Energy recently announced a quarterly dividend of $0.24, with the dividend yield standing at 2.8%, reinforcing its commitment to returning value to shareholders.

SeaCrest Wealth Management LLC reduced its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 62.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,819 shares of the energy company's stock after selling 23,471 shares during the period. SeaCrest Wealth Management LLC's holdings in Devon Energy were worth $440,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy during the 1st quarter valued at $26,000. Rakuten Securities Inc. boosted its position in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the period. SouthState Corp boosted its position in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth about $38,000. 69.72% of the stock is owned by institutional investors.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by insiders.

Devon Energy Trading Down 0.6%

DVN stock traded down $0.19 during mid-day trading on Monday, reaching $33.77. 6,823,967 shares of the stock traded hands, compared to its average volume of 6,908,607. 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 Corporation has a one year low of $25.89 and a one year high of $43.29. The stock has a market capitalization of $21.44 billion, a PE ratio of 7.57, a PEG ratio of 1.97 and a beta of 1.09. The business has a 50-day moving average price of $33.98 and a two-hundred day moving average price of $33.12.

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, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the firm earned $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts expect 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 $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Tudor, Pickering, Holt & Co. upped their target price on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. BMO Capital Markets lifted their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Finally, Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Sixteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $44.04.

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.