Devon Energy (NYSE:DVN) EVP Sells $344,218.20 in Stock

Key Points

• Devon Energy EVP Robert Ferrall Lowe III sold 6,756 shares for approximately $344,218 at an average price of $50.95, reducing his direct ownership by 8.5% to 72,720 shares.
• Devon reported strong quarterly results, with EPS of $1.57 beating estimates by $0.17 and revenue rising 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a $1.28 annualized payout and a 2.6% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $59.76.

Devon Energy Corporation (NYSE:DVN - Get Free Report) EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Devon Energy Price Performance

NYSE DVN traded down $0.50 on Monday, reaching $49.73. The company's stock had a trading volume of 14,588,644 shares, compared to its average volume of 10,111,569. The firm has a market cap of $54.70 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $45.80 and a 200 day moving average price of $46.01.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the prior year, the company earned $0.84 EPS. Devon Energy's revenue for the quarter was up 73.1% on a year-over-year basis. Sell-side analysts expect that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Seaport Research Partners started coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They set a "buy" rating and a $65.00 price objective on the stock. Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Stifel Nicolaus started coverage on Devon Energy in a research note on Thursday. They issued a "buy" rating and a $61.00 target price for the company. Finally, Truist Financial increased their price objective on Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.76.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Tobam grew its position in shares of Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after buying an additional 230 shares during the period. Sigma Planning Corp lifted its position in Devon Energy by 3.5% during the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after acquiring an additional 233 shares during the period. TD Private Client Wealth LLC boosted its stake in Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after acquiring an additional 236 shares in the last quarter. Retirement Planning Group LLC boosted its stake in Devon Energy by 4.5% during the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after acquiring an additional 243 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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