Truist Financial Corp Trims Stake in Devon Energy Corporation $DVN

Truist Financial Corp lowered its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 37.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,609 shares of the energy company's stock after selling 19,776 shares during the quarter. Truist Financial Corp's holdings in Devon Energy were worth $1,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. raised its position in Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after purchasing an additional 1,315,050 shares during the period. Northern Trust Corp raised its position in Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after purchasing an additional 316,460 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock valued at $176,036,000 after buying an additional 354,633 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research reports. Mizuho dropped their price objective on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Piper Sandler decreased 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. Siebert Williams Shank lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Barclays cut their target price on Devon Energy from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Finally, Wolfe Research lifted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.81.

Devon Energy Stock Performance

Shares of DVN stock opened at $32.54 on Monday. The stock has a market capitalization of $20.65 billion, a PE ratio of 7.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The stock's 50-day moving average price is $34.53 and its 200 day moving average price is $33.05. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) 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 analysts' expectations of $4.01 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy's payout ratio is presently 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business'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 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.73% of the company's stock.

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.

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