Smead Capital Management Inc. Reduces Position in Devon Energy Corporation $DVN

Key Points

• Smead Capital Management Inc. reduced its stake in Devon Energy Corporation by 0.5%, now owning 5,706,322 shares valued at approximately $213.42 million, which is about 3.7% of its portfolio.
• The company has announced a quarterly dividend of $0.24 per share, representing a 2.7% dividend yield with stockholders of record set to receive it on September 30th.
• Devon Energy's recent earnings report showed a revenue increase of 9.4% year-over-year, with earnings per share of $0.84, surpassing analysts' expectations of $0.83.

Smead Capital Management Inc. lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 0.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,706,322 shares of the energy company's stock after selling 28,031 shares during the period. Devon Energy accounts for about 3.7% of Smead Capital Management Inc.'s portfolio, making the stock its 17th largest position. Smead Capital Management Inc. owned 0.89% of Devon Energy worth $213,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Trexquant Investment LP purchased a new position in shares of Devon Energy during the first quarter worth approximately $25,571,000. Transamerica Financial Advisors LLC boosted its holdings in shares of Devon Energy by 863.6% in the first quarter. Transamerica Financial Advisors LLC now owns 1,667 shares of the energy company's stock valued at $63,000 after purchasing an additional 1,494 shares during the period. CreativeOne Wealth LLC grew its stake in Devon Energy by 12.0% in the first quarter. CreativeOne Wealth LLC now owns 34,787 shares of the energy company's stock worth $1,301,000 after purchasing an additional 3,732 shares in the last quarter. Ieq Capital LLC increased its holdings in Devon Energy by 109.1% during the 1st quarter. Ieq Capital LLC now owns 172,869 shares of the energy company's stock worth $6,465,000 after purchasing an additional 90,210 shares during the period. Finally, Freedom Investment Management Inc. increased its holdings in Devon Energy by 7.0% during the 1st quarter. Freedom Investment Management Inc. now owns 9,091 shares of the energy company's stock worth $340,000 after purchasing an additional 596 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DVN. Raymond James Financial reissued an "outperform" rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Bernstein Bank dropped their target price on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Piper Sandler cut 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. Mizuho lowered their price target on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group increased their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Devon Energy Stock Up 0.9%

Shares of NYSE DVN traded up $0.31 during trading hours on Tuesday, hitting $36.41. 4,461,594 shares of the stock were exchanged, compared to its average volume of 8,857,771. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $44.08. The firm has a fifty day moving average price of $33.45 and a 200-day moving average price of $33.20. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The company has a market cap of $23.11 billion, a PE ratio of 8.16, a PEG ratio of 2.08 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results 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 company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.41 earnings per share. On average, sell-side analysts expect that Devon Energy Corporation will post 4.85 EPS 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 paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the business'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 owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company's stock.

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.