Thrivent Financial for Lutherans Cuts Stock Position in Devon Energy Corporation $DVN

Key Points

• Thrivent Financial for Lutherans trimmed its Devon Energy stake by 0.9% in the fourth quarter, though it still held about 4.67 million shares valued at roughly $171 million.
• Devon Energy reported mixed quarterly results, with EPS of $1.04 slightly missing estimates and revenue of $3.81 billion falling short of expectations; analysts still see moderate upside, with an average price target of $55.78.
• The company raised its quarterly dividend to $0.32 per share from $0.24, boosting the annualized payout to $1.28 and implying a 2.7% yield.

Thrivent Financial for Lutherans lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,669,486 shares of the energy company's stock after selling 42,704 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.74% of Devon Energy worth $171,044,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Corp purchased a new stake in Devon Energy in the 3rd quarter worth $26,000. Accredited Wealth Management LLC increased its holdings in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after acquiring an additional 308 shares in the last quarter. Ameriflex Group Inc. increased its holdings in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after acquiring an additional 702 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Devon Energy in the 3rd quarter worth $31,000. Finally, Olistico Wealth LLC purchased a new stake in Devon Energy in the 4th quarter worth $31,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. TD Cowen raised their price objective on Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, January 15th. Capital One Financial decreased their price objective on Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. UBS Group decreased their price objective on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Finally, BMO Capital Markets raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday. Four analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $55.78.

Devon Energy Trading Up 0.7%

Shares of DVN stock opened at $47.25 on Friday. The stock's fifty day moving average is $47.63 and its two-hundred day moving average is $41.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $29.36 billion, a P/E ratio of 13.16, a PEG ratio of 0.75 and a beta of 0.43. Devon Energy Corporation has a fifty-two week low of $30.24 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm's revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 EPS. Research analysts expect that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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