Devon Energy Co. (NYSE:DVN) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC lessened its stake in Devon Energy Co. (NYSE:DVN) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 86,038 shares of the energy company’s stock after selling 1,162 shares during the period. Private Advisor Group LLC’s holdings in Devon Energy were worth $3,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pacer Advisors Inc. raised its position in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth about $113,793,000. Morgan Stanley lifted its stake in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Devon Energy by 61.0% during the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock worth $127,539,000 after buying an additional 1,013,353 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is owned by insiders.

Devon Energy Stock Performance

NYSE DVN opened at $50.85 on Friday. The company has a market cap of $32.14 billion, a P/E ratio of 9.70 and a beta of 2.16. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50-day moving average of $50.16 and a two-hundred day moving average of $46.35.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. As a group, analysts anticipate that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Barclays began coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Susquehanna raised their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Royal Bank of Canada increased their price target on Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $58.56.

Devon Energy Company Profile

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.