Signaturefd LLC Reduces Stake in Devon Energy Corporation $DVN

Key Points

• Signaturefd LLC has reduced its stake in Devon Energy Corporation by 37.7%, selling 9,188 shares and now holding 15,194 shares valued at approximately $483,000.
• Devon Energy recently reported earnings of $0.84 per share, exceeding analyst expectations, while the company achieved a revenue of $4.28 billion for the quarter, up 9.4% year-over-year.
• The firm declared a quarterly dividend of $0.24, representing an annualized dividend of $0.96 with a yield of 2.7%, paid on September 30th to investors of record before September 15th.

Signaturefd LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 37.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,194 shares of the energy company's stock after selling 9,188 shares during the period. Signaturefd LLC's holdings in Devon Energy were worth $483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Devon Energy by 12.9% in 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 buying 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 worth $245,987,000 after acquiring an additional 316,460 shares in 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 worth $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Devon Energy by 8.1% in the first 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 institutional investors and hedge funds.

Devon Energy Price Performance

DVN stock opened at $35.11 on Wednesday. The company has a market cap of $22.29 billion, a price-to-earnings ratio of 7.87, a PEG ratio of 2.06 and a beta of 1.09. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average of $34.34 and a 200-day moving average of $33.17. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29.

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. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the business posted $1.41 EPS. As a group, equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $0.24 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's payout ratio is currently 21.52%.

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 shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

DVN has been the topic of several research reports. BMO Capital Markets raised their price objective on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Tudor, Pickering, Holt & Co. raised their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. UBS Group lifted their price target on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Barclays increased their price objective on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Piper Sandler lowered their target price on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.81.

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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