First Trust Advisors LP boosted its stake in Devon Energy Co. (NYSE:DVN – Get Rating) by 11.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,687,307 shares of the energy company’s stock after purchasing an additional 368,290 shares during the period. First Trust Advisors LP owned approximately 0.56% of Devon Energy worth $221,718,000 at the end of the most recent reporting period.
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Several other large investors have also recently added to or reduced their stakes in DVN. Canada Pension Plan Investment Board acquired a new stake in Devon Energy in the 1st quarter valued at $26,000. SJS Investment Consulting Inc. purchased a new position in Devon Energy in the 3rd quarter valued at about $29,000. Financial Enhancement Group LLC purchased a new position in Devon Energy in the 3rd quarter valued at about $29,000. Optimum Investment Advisors purchased a new position in Devon Energy in the 3rd quarter valued at about $30,000. Finally, Absolute Capital Management LLC purchased a new position in Devon Energy in the 3rd quarter valued at about $35,000. 78.08% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts have weighed in on DVN shares. Piper Sandler decreased their price objective on shares of Devon Energy from $96.00 to $89.00 and set an “overweight” rating for the company in a research report on Wednesday, February 22nd. Citigroup decreased their price objective on shares of Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, February 23rd. Truist Financial decreased their price objective on shares of Devon Energy from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 16th. Sanford C. Bernstein reduced their price target on shares of Devon Energy from $84.00 to $71.00 and set an “outperform” rating on the stock in a research report on Thursday, February 16th. Finally, Barclays reduced their price target on shares of Devon Energy from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Monday, January 23rd. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.22.
Insider Activity at Devon Energy
In related news, EVP Dennis C. Cameron sold 7,179 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $54.77, for a total transaction of $393,193.83. Following the completion of the sale, the executive vice president now directly owns 262,498 shares in the company, valued at $14,377,015.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Richard E. Muncrief acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was purchased at an average price of $53.28 per share, with a total value of $532,800.00. Following the purchase, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dennis C. Cameron sold 7,179 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the completion of the transaction, the executive vice president now directly owns 262,498 shares of the company’s stock, valued at approximately $14,377,015.46. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Devon Energy Stock Performance
Shares of NYSE:DVN traded up $0.83 during trading hours on Wednesday, hitting $54.75. The stock had a trading volume of 5,958,674 shares, compared to its average volume of 9,847,263. Devon Energy Co. has a 1-year low of $48.86 and a 1-year high of $79.40. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.19 and a current ratio of 1.25. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 5.91, a PEG ratio of 0.14 and a beta of 2.36. The stock’s fifty day simple moving average is $60.85 and its 200 day simple moving average is $65.61.
Devon Energy (NYSE:DVN – Get Rating) last posted its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business earned $1.39 EPS. Devon Energy’s revenue was up .6% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 7.49 earnings per share for the current fiscal year.
Devon Energy Increases Dividend
The business also recently disclosed a None dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be paid a dividend of $0.89 per share. This represents a dividend yield of 9.3%. The ex-dividend date is Tuesday, March 14th. This is a positive change from Devon Energy’s previous None dividend of $0.49. Devon Energy’s dividend payout ratio (DPR) is currently 7.89%.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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