Devon Energy Co. (NYSE:DVN) Shares Sold by Seeyond

Posted by on Jun 10th, 2023

Seeyond lowered its stake in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 65.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,576 shares of the energy company’s stock after selling 3,025 shares during the quarter. Seeyond’s holdings in Devon Energy were worth $97,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Devon Energy by 194.4% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 573,342 shares of the energy company’s stock worth $34,475,000 after purchasing an additional 378,590 shares during the period. Aviva PLC grew its holdings in shares of Devon Energy by 23.4% during the 4th quarter. Aviva PLC now owns 368,272 shares of the energy company’s stock worth $16,394,000 after purchasing an additional 69,819 shares during the period. EP Wealth Advisors LLC boosted its holdings in Devon Energy by 470.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 64,217 shares of the energy company’s stock worth $3,861,000 after acquiring an additional 52,963 shares during the period. Lake Street Financial LLC boosted its holdings in Devon Energy by 111.4% in the 4th quarter. Lake Street Financial LLC now owns 21,468 shares of the energy company’s stock worth $1,320,000 after acquiring an additional 11,312 shares during the period. Finally, Exos TFP Holdings LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $217,000. Hedge funds and other institutional investors own 78.08% of the company’s stock.

Insiders Place Their Bets

In other Devon Energy news, EVP Dennis C. Cameron sold 8,292 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $49.97, for a total value of $414,351.24. Following the sale, the executive vice president now directly owns 218,418 shares of the company’s stock, valued at $10,914,347.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.63% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Mizuho decreased their price target on Devon Energy from $71.00 to $65.00 in a report on Friday, May 19th. Evercore ISI reduced their target price on Devon Energy from $80.00 to $52.00 in a research note on Tuesday, March 14th. Piper Sandler reduced their target price on Devon Energy from $87.00 to $82.00 in a research note on Thursday, May 18th. Raymond James increased their target price on Devon Energy from $67.00 to $70.00 and gave the company a “strong-buy” rating in a research note on Friday, April 21st. Finally, Susquehanna reduced their target price on Devon Energy from $79.00 to $72.00 and set a “positive” rating for the company in a research note on Thursday, February 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $49.88 on Friday. Devon Energy Co. has a 1-year low of $44.03 and a 1-year high of $78.82. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.09 and a quick ratio of 1.02. The business’s fifty day moving average price is $50.77 and its two-hundred day moving average price is $56.21. The firm has a market capitalization of $32.62 billion, a PE ratio of 5.44, a P/E/G ratio of 0.16 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last issued its earnings results on Monday, May 8th. The energy company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.07. Devon Energy had a return on equity of 47.42% and a net margin of 31.39%. The firm had revenue of $3.82 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company earned $1.88 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts expect that Devon Energy Co. will post 6.28 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 5.77%. The ex-dividend date of this dividend is Wednesday, June 14th. Devon Energy’s dividend payout ratio is presently 8.72%.

Devon Energy Company Profile

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Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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