Synovus Financial Corp Sells 56,020 Shares of Devon Energy Corporation $DVN

Key Points

• Synovus Financial Corp significantly reduced its stake in Devon Energy Corporation by 67.5%, now holding 26,947 shares worth approximately $1,008,000.
• Devon Energy's recent quarterly earnings exceeded expectations with earnings per share (EPS) of $0.84, surpassing the consensus estimate of $0.83.
• The company plans to pay a quarterly dividend of $0.24 per share, which translates to an annualized yield of 2.7%.

Synovus Financial Corp cut its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 67.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,947 shares of the energy company's stock after selling 56,020 shares during the period. Synovus Financial Corp's holdings in Devon Energy were worth $1,008,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $28,000. Rakuten Securities Inc. increased its holdings in shares of 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 in the last quarter. Finally, SouthState Corp increased its holdings in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after buying an additional 771 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Siebert Williams Shank increased their price objective on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Mizuho decreased their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. BMO Capital Markets increased their price objective on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Wells Fargo & Company increased their price objective on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Finally, UBS Group increased their price objective on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Sixteen 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 currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Trading Up 0.7%

Devon Energy stock traded up $0.24 during trading hours on Monday, reaching $36.12. 6,145,109 shares of the company's stock were exchanged, compared to its average volume of 7,525,975. 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 firm's 50 day simple moving average is $33.39 and its 200 day simple moving average is $33.19. The firm has a market capitalization of $22.93 billion, a PE ratio of 8.10, a PEG ratio of 2.08 and a beta of 1.09. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $45.34.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS 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 return on equity of 18.59% and a net margin of 16.57%.The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the business posted $1.41 EPS. Research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

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.