Truist Financial Corp lifted its holdings in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 9.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 232,816 shares of the energy company’s stock after acquiring an additional 20,078 shares during the quarter. Truist Financial Corp’s holdings in Devon Energy were worth $13,766,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Riverview Trust Co bought a new position in shares of Devon Energy during the first quarter valued at approximately $30,000. Curi Wealth Management LLC bought a new position in Devon Energy in the fourth quarter worth $33,000. Northwest Investment Counselors LLC bought a new position in Devon Energy in the first quarter worth $33,000. AlphaCentric Advisors LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $34,000. Finally, AdvisorNet Financial Inc increased its holdings in shares of Devon Energy by 234.4% during the fourth quarter. AdvisorNet Financial Inc now owns 816 shares of the energy company’s stock valued at $36,000 after acquiring an additional 572 shares in the last quarter. Institutional investors own 87.01% of the company’s stock.
In related news, COO Clay M. Gaspar sold 30,000 shares of Devon Energy 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 sale, the chief operating officer now directly owns 765,202 shares in the company, valued at approximately $48,781,627.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Dennis C. Cameron sold 4,537 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the transaction, the executive vice president now owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The disclosure for this sale can be found here. Insiders have sold 65,316 shares of company stock valued at $4,257,888 in the last 90 days. 0.80% of the stock is currently owned by corporate insiders.
Several research firms recently commented on DVN. Mizuho increased their price objective on Devon Energy from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 10th. Wells Fargo & Company lifted their price objective on Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, March 14th. Credit Suisse Group lifted their target price on Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 9th. Stifel Nicolaus lifted their price objective on Devon Energy from $88.00 to $93.00 in a research note on Thursday, June 9th. Finally, The Goldman Sachs Group dropped their price objective on Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a report on Tuesday, July 5th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.47.
Shares of NYSE:DVN opened at $54.48 on Monday. The firm has a market capitalization of $35.96 billion, a P/E ratio of 10.22 and a beta of 2.61. The firm has a fifty day moving average of $65.92 and a two-hundred day moving average of $58.80. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.69. Devon Energy Co. has a 12-month low of $24.05 and a 12-month high of $79.40.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.02 billion. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. During the same period in the previous year, the business earned $0.45 earnings per share. Equities research analysts expect that Devon Energy Co. will post 9.1 earnings per share for the current fiscal year.
Devon Energy declared that its Board of Directors has authorized a share buyback program on Monday, May 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to purchase up to 4.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Monday, June 13th were issued a dividend of $1.27 per share. This is a boost from Devon Energy’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, June 10th. This represents a $5.08 annualized dividend and a yield of 9.32%. Devon Energy’s dividend payout ratio is presently 95.31%.
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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Source: defenseworld.net
