Devon Energy Corporation $DVN Shares Sold by Stolper Co

Key Points

• Stolper Co has decreased its holdings in Devon Energy Corporation by 17.2%, selling 23,221 shares and retaining a total of 111,450 shares valued at approximately $3.54 million.
• Several institutional investors have recently adjusted their stakes in Devon Energy, with SVB Wealth LLC increasing its position by 4.1% in Q1 2023.
• Devon Energy announced a quarterly dividend of $0.24 per share, scheduled to be paid on September 30th, representing an annualized yield of 2.7%.

Stolper Co cut its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 17.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,450 shares of the energy company's stock after selling 23,221 shares during the quarter. Devon Energy accounts for about 1.2% of Stolper Co's investment portfolio, making the stock its 29th largest holding. Stolper Co's holdings in Devon Energy were worth $3,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after buying an additional 26,519 shares during the period. Merit Financial Group LLC increased its position in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its holdings in shares of Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares in the last quarter. Intact Investment Management Inc. purchased a new position in shares of Devon Energy in the 1st quarter worth $2,524,000. Finally, Praxis Investment Management Inc. boosted its stake in shares of Devon Energy by 41.8% in the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after buying an additional 13,860 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Up 3.8%

Shares of NYSE DVN traded up $1.29 during trading hours on Tuesday, reaching $35.01. The stock had a trading volume of 3,209,024 shares, compared to its average volume of 8,738,826. 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 market cap of $22.22 billion, a price-to-earnings ratio of 7.86, a P/E/G ratio of 1.97 and a beta of 1.09. The business's fifty day moving average price is $33.98 and its two-hundred day moving average price is $33.12. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business earned $1.41 earnings per share. Analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is presently 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DVN shares. Piper Sandler lowered their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Raymond James Financial restated an "outperform" rating and issued a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. UBS Group lifted their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Bernstein Bank reduced their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Finally, Siebert Williams Shank lifted their target price on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $44.04.

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.