Devon Energy Co. (NYSE:DVN) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its holdings in shares of Devon Energy Co. (NYSE:DVN) by 14.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,068 shares of the energy company’s stock after selling 4,013 shares during the period. QRG Capital Management Inc.’s holdings in Devon Energy were worth $1,208,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Manchester Capital Management LLC acquired a new stake in Devon Energy in the 4th quarter worth about $28,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the 1st quarter worth about $30,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the last quarter. Rise Advisors LLC boosted its holdings in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DVN. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Mizuho boosted their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Truist Financial lowered their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Finally, Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.56.

Devon Energy Trading Up 1.0 %

Shares of DVN stock traded up $0.47 during trading on Wednesday, hitting $48.71. 2,429,583 shares of the stock traded hands, compared to its average volume of 7,245,490. The firm has a market capitalization of $30.78 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm’s fifty day moving average price is $47.67 and its 200-day moving average price is $47.06.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating 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 return on equity of 29.02% and a net margin of 22.27%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 earnings per share. As a group, research analysts forecast that Devon Energy Co. will post 5.35 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.73% of the stock is owned by corporate insiders.

Devon Energy 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.