15,275 Devon Energy Corporation $DVN Shares Sold by Profund Advisors LLC

Profund Advisors LLC cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 25.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,643 shares of the energy company’s stock after selling 15,275 shares during the period. Profund Advisors LLC’s holdings in Devon Energy were worth $2,101,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Morningstar Investment Management LLC raised its holdings in shares of Devon Energy by 51.1% during the first quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company’s stock worth $4,335,000 after acquiring an additional 29,124 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Devon Energy in the 2nd quarter valued at $33,504,000. Artemis Investment Management LLP boosted its stake in Devon Energy by 103.8% in the 3rd quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company’s stock worth $67,459,000 after purchasing an additional 746,360 shares during the period. Illinois Municipal Retirement Fund boosted its stake in Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after purchasing an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC boosted its stake in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after purchasing an additional 80,000 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $52.21 on Monday. The stock has a market capitalization of $57.43 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.36 and a beta of 0.43. Devon Energy Corporation has a 12 month low of $31.91 and a 12 month high of $52.71. The firm has a fifty day simple moving average of $48.90 and a 200 day simple moving average of $45.83. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the business earned $0.84 EPS. The company’s revenue was up 73.1% compared to the same quarter last year. Research analysts forecast that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Weiss Ratings raised Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. JPMorgan Chase & Co. upped their price objective on Devon Energy from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 2nd. Truist Financial decreased their price objective on Devon Energy from $65.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Finally, Seaport Research Partners initiated coverage on Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.72.

Insider Activity

In related news, CEO Clay Gaspar acquired 3,913 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. 4.58% of the stock is owned by company insiders.

Devon Energy Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.