Andrea Alexander Sells 18,000 Shares of Devon Energy (NYSE:DVN) Stock

Devon Energy Corporation (NYSE:DVN) SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Devon Energy Trading Up 1.5%

NYSE:DVN opened at $45.26 on Friday. The stock’s 50 day moving average price is $47.04 and its 200 day moving average price is $43.09. The company has a market capitalization of $28.13 billion, a PE ratio of 12.61 and a beta of 0.37. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. On average, research analysts anticipate that Devon Energy Corporation will post 4.73 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is 26.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC acquired a new position in Devon Energy during the fourth quarter worth $9,931,000. Investors Research Corp raised its holdings in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after purchasing an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC raised its holdings in Devon Energy by 43.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the fourth quarter worth $2,089,000. Finally, Victory Capital Management Inc. raised its holdings in Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after purchasing an additional 560,652 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DVN shares. Argus raised their price target on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday. Sanford C. Bernstein lifted their target price on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Truist Financial lifted their target price on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 1st. UBS Group lowered their target price on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. started coverage on Devon Energy in a research note on Monday, June 8th. They issued an “overweight” rating and a $62.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.