Sei Investments Co. Buys 239,339 Shares of Devon Energy Corporation $DVN

Key Points

• Sei Investments Co. boosted its Devon Energy stake by 18.1% in the first quarter, buying 239,339 shares and bringing its total holding to 1,564,010 shares valued at about $78.7 million.
• Devon Energy reported mixed quarterly results, with EPS of $1.04 missing estimates and revenue of $3.81 billion falling short of expectations and declining 14.5% year over year.
• The company raised its quarterly dividend to $0.32 per share from $0.24, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $59.56.

Sei Investments Co. increased its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 18.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,564,010 shares of the energy company's stock after acquiring an additional 239,339 shares during the quarter. Sei Investments Co. owned about 0.25% of Devon Energy worth $78,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter valued at about $25,000. SouthState Bank Corp raised its stake in Devon Energy by 173.6% during the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock valued at $39,000 after purchasing an additional 486 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy during the 4th quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $29,000. Finally, Steigerwald Gordon & Koch Inc. lifted its holdings in Devon Energy by 6,666.7% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company's stock worth $41,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Trading Down 0.5%

Shares of DVN stock opened at $45.05 on Friday. The company has a market cap of $28.00 billion, a PE ratio of 12.55 and a beta of 0.38. The stock's 50 day simple moving average is $44.09 and its two-hundred day simple moving average is $44.34. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. Devon Energy's revenue for the quarter was down 14.5% on a year-over-year basis. Research analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 35.65%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DVN. Citigroup increased their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Wells Fargo & Company increased their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Scotiabank increased their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Truist Financial cut their price objective on Devon Energy from $66.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average price target of $59.56.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company's stock.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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