Stoneridge Investment Partners LLC Decreases Stake in Devon Energy Corporation $DVN

Key Points

• Stoneridge Investment Partners LLC reduced its stake in Devon Energy by 62.2% during the first quarter, selling over 40,000 shares and now owning 24,339 shares valued at approximately $910,000.
• Director Kelt Kindick sold 7,685 shares of Devon Energy stock in mid-August, decreasing his ownership by 19.46% and leaving him with shares worth over $1 million.
• Devon Energy announced a quarterly dividend of $0.24 per share, with a planned payment date of September 30th, representing an annualized yield of 2.9%.

Stoneridge Investment Partners LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 62.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,339 shares of the energy company's stock after selling 40,064 shares during the quarter. Stoneridge Investment Partners LLC's holdings in Devon Energy were worth $910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy in the first quarter worth $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy in the fourth quarter worth $28,000. Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the period. Finally, SouthState Corp grew its holdings in shares of Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after acquiring an additional 771 shares during the period. Institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.73% of the stock is currently owned by company insiders.

Devon Energy Stock Up 0.0%

Shares of DVN opened at $33.5640 on Wednesday. The business's 50 day moving average is $33.27 and its 200 day moving average is $33.13. The company has a market capitalization of $21.31 billion, a PE ratio of 7.53, a price-to-earnings-growth ratio of 1.91 and a beta of 1.07. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. 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 announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the company earned $1.41 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. Research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio is 21.52%.

Analyst Ratings Changes

Several analysts recently commented on the company. The Goldman Sachs Group lifted their price objective on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Mizuho cut their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. 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 report on Tuesday, July 22nd. Piper Sandler cut their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Finally, Barclays boosted their price target on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $44.04.

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.

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