Scout Investments Inc. decreased its holdings in Devon Energy Co. (NYSE:DVN – Get Rating) by 91.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 99,037 shares of the energy company’s stock after selling 1,109,663 shares during the period. Scout Investments Inc.’s holdings in Devon Energy were worth $5,856,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Foundation Resource Management Inc. boosted its holdings in shares of Devon Energy by 2.6% during the 1st quarter. Foundation Resource Management Inc. now owns 69,158 shares of the energy company’s stock worth $4,089,000 after purchasing an additional 1,767 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Devon Energy by 58.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 74,961 shares of the energy company’s stock worth $3,302,000 after buying an additional 27,575 shares in the last quarter. People s United Financial Inc. lifted its position in Devon Energy by 21.5% during the fourth quarter. People s United Financial Inc. now owns 24,952 shares of the energy company’s stock worth $1,099,000 after buying an additional 4,412 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in Devon Energy in the 4th quarter valued at $855,000. Finally, Teamwork Financial Advisors LLC increased its stake in shares of Devon Energy by 108.6% in the 4th quarter. Teamwork Financial Advisors LLC now owns 276,817 shares of the energy company’s stock worth $12,194,000 after acquiring an additional 144,105 shares during the last quarter. 87.01% of the stock is currently owned by institutional investors and hedge funds.
NYSE DVN opened at $53.77 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $35.49 billion, a price-to-earnings ratio of 10.09 and a beta of 2.59. The firm has a 50 day simple moving average of $66.91 and a 200-day simple moving average of $57.80. Devon Energy Co. has a one year low of $24.05 and a one year high of $79.40.
Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the firm earned $0.45 earnings per share. Equities analysts predict that Devon Energy Co. will post 9.1 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Monday, June 13th will be given a $1.27 dividend. The ex-dividend date is Friday, June 10th. This is an increase from Devon Energy’s previous quarterly dividend of $1.00. This represents a $5.08 dividend on an annualized basis and a dividend yield of 9.45%. Devon Energy’s dividend payout ratio is currently 95.31%.
Devon Energy declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 2nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the energy company to repurchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several research analysts have recently weighed in on DVN shares. Wells Fargo & Company boosted their price target on shares of Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, March 14th. Truist Financial boosted their target price on shares of Devon Energy from $100.00 to $103.00 and gave the company a “buy” rating in a report on Thursday, June 9th. Susquehanna raised their price target on shares of Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Susquehanna Bancshares upped their price objective on Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Finally, Raymond James increased their price objective on Devon Energy from $90.00 to $102.00 in a research report on Thursday, June 9th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.94.
In other news, COO Clay M. Gaspar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 13th. The shares were sold at an average price of $63.75, for a total transaction of $1,912,500.00. Following the transaction, the chief operating officer now directly owns 765,202 shares in the company, valued at $48,781,627.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the transaction, the director now owns 26,858 shares in the company, valued at $1,887,311.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,922 shares of company stock valued at $4,269,519. Corporate insiders own 0.80% of the company’s stock.
Devon Energy Company Profile (Get Rating)
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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