abrdn plc reduced its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 0.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 169,006 shares of the energy company’s stock after selling 489 shares during the quarter. abrdn plc’s holdings in Devon Energy were worth $8,553,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Grandfield & Dodd LLC raised its position in Devon Energy by 2.0% in the first quarter. Grandfield & Dodd LLC now owns 290,054 shares of the energy company’s stock worth $14,680,000 after acquiring an additional 5,610 shares in the last quarter. Ameritas Advisory Services LLC raised its position in Devon Energy by 123.2% in the first quarter. Ameritas Advisory Services LLC now owns 25,379 shares of the energy company’s stock worth $1,293,000 after acquiring an additional 14,006 shares in the last quarter. Simmons Bank raised its position in Devon Energy by 1.2% in the first quarter. Simmons Bank now owns 21,415 shares of the energy company’s stock worth $1,084,000 after acquiring an additional 250 shares in the last quarter. Adirondack Trust Co. raised its position in Devon Energy by 37.7% in the first quarter. Adirondack Trust Co. now owns 2,117 shares of the energy company’s stock worth $107,000 after acquiring an additional 580 shares in the last quarter. Finally, State of Michigan Retirement System raised its position in Devon Energy by 0.9% in the first quarter. State of Michigan Retirement System now owns 211,291 shares of the energy company’s stock worth $10,693,000 after acquiring an additional 1,800 shares in the last quarter. 71.00% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, EVP Dennis C. Cameron sold 8,292 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 218,418 shares in the company, valued at approximately $10,914,347.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.63% of the company’s stock.
Devon Energy Stock Up 1.7 %
Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings results on Monday, May 8th. The energy company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.07. The business had revenue of $3.82 billion during the quarter, compared to analyst estimates of $3.82 billion. Devon Energy had a return on equity of 47.42% and a net margin of 31.39%. The firm’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 EPS. On average, equities research analysts expect that Devon Energy Co. will post 6.01 earnings per share for the current fiscal year.
Devon Energy Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 15th were issued a $0.72 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $2.88 annualized dividend and a yield of 5.51%. Devon Energy’s dividend payout ratio (DPR) is currently 8.72%.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. Stifel Nicolaus dropped their price target on shares of Devon Energy from $75.00 to $71.00 in a research report on Monday, May 22nd. Raymond James lifted their price target on Devon Energy from $67.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Friday, April 21st. The Goldman Sachs Group raised Devon Energy from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $63.00 to $58.00 in a research note on Tuesday, June 13th. Morgan Stanley lifted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 18th. Finally, Mizuho dropped their price target on Devon Energy from $71.00 to $65.00 in a research note on Friday, May 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.58.
Devon Energy Company Profile
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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