Sowell Financial Services LLC Decreases Stock Position in Devon Energy Corporation $DVN

Key Points

• Sowell Financial Services LLC reduced its stake in Devon Energy Corporation by 56.3%, owning 13,538 shares after selling 17,461 shares in the second quarter, with holdings valued at $431,000.
• Devon Energy reported earnings of $0.84 per share, surpassing estimates, with a revenue of $4.28 billion, marking a year-over-year increase of 9.4%.
• The company announced a quarterly dividend of $0.24 per share, translating to an annualized dividend of $0.96 and a yield of 2.7%, payable on September 30th.

Sowell Financial Services LLC trimmed its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 56.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,538 shares of the energy company's stock after selling 17,461 shares during the quarter. Sowell Financial Services LLC's holdings in Devon Energy were worth $431,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy in the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the first quarter worth approximately $26,000. Rakuten Securities Inc. boosted its stake in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the last quarter. SouthState Corp grew its holdings in Devon Energy by 350.5% in 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 in the last quarter. Finally, Hughes Financial Services LLC acquired a new stake in shares of Devon Energy in the 1st quarter worth $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 1.5%

Shares of NYSE DVN opened at $35.76 on Friday. The stock has a market cap of $22.70 billion, a P/E ratio of 8.02, a PEG ratio of 2.04 and a beta of 1.09. The business's fifty day simple moving average is $34.15 and its 200-day simple moving average is $33.15. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping 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 company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the business earned $1.41 EPS. Devon Energy's revenue was up 9.4% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is 21.52%.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on 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 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. William Blair began coverage on Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. UBS Group lifted their target price on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Finally, Barclays increased their price target on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $44.04.

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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