Voya Investment Management LLC Sells 520,864 Shares of Devon Energy Corporation $DVN

Key Points

• Voya Investment Management LLC has decreased its stake in Devon Energy Corporation by 21.1% in the first quarter, now holding approximately 1.95 million shares worth $73 million.
• Devon Energy reported quarterly earnings of $0.84 per share, beating expectations, and had revenue of $4.28 billion, up 9.4% year-over-year.
• The company declared a quarterly dividend of $0.24 per share, representing an annualized yield of 2.8%, with an ex-dividend date set for September 15th.

Voya Investment Management LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 21.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,952,665 shares of the energy company's stock after selling 520,864 shares during the period. Voya Investment Management LLC owned approximately 0.30% of Devon Energy worth $73,030,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Lynx Investment Advisory acquired a new stake in Devon Energy in the 1st quarter valued at approximately $549,000. Inspire Investing LLC lifted its stake in Devon Energy by 1.2% in the 1st quarter. Inspire Investing LLC now owns 63,243 shares of the energy company's stock valued at $2,365,000 after acquiring an additional 780 shares in the last quarter. Strs Ohio bought a new stake in Devon Energy in the 1st quarter valued at approximately $21,505,000. Ellsworth Advisors LLC bought a new stake in Devon Energy in the 1st quarter valued at approximately $4,984,000. Finally, Jacobi Capital Management LLC lifted its stake in Devon Energy by 111.5% in the 1st quarter. Jacobi Capital Management LLC now owns 17,174 shares of the energy company's stock valued at $642,000 after acquiring an additional 9,053 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN stock traded down $0.98 during trading on Monday, reaching $33.79. 8,514,955 shares of the company's stock were exchanged, compared to its average volume of 6,375,259. 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 stock has a market capitalization of $21.45 billion, a PE ratio of 7.58, a PEG ratio of 2.00 and a beta of 1.09. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29. The firm's fifty day moving average price is $33.93 and its 200-day moving average price is $33.10.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The business had revenue of $4.28 billion for 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%.The firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.41 EPS. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Tudor, Pickering, Holt & Co. boosted their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. UBS Group boosted their target price on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Morgan Stanley boosted their target price on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, JPMorgan Chase & Co. boosted their target price on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $44.04.

About Devon Energy

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.