Virtu Financial LLC Sells 4,229 Shares of Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Jul 27th, 2023

Virtu Financial LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN – Free Report) by 47.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,664 shares of the energy company’s stock after selling 4,229 shares during the quarter. Virtu Financial LLC’s holdings in Devon Energy were worth $236,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. WFA of San Diego LLC bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $25,000. Tyler Stone Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter worth $25,000. Tradewinds Capital Management LLC increased its stake in shares of Devon Energy by 115.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after buying an additional 230 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the first quarter worth $26,000. Finally, Romano Brothers AND Company purchased a new position in shares of Devon Energy in the fourth quarter worth $29,000. 71.00% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN opened at $53.17 on Thursday. The company’s 50 day moving average is $48.97 and its 200 day moving average is $53.08. The company has a current ratio of 1.09, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The company has a market cap of $34.77 billion, a price-to-earnings ratio of 5.80, a PEG ratio of 0.18 and a beta of 2.31. Devon Energy Co. has a 12-month low of $44.03 and a 12-month high of $78.82.

Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Monday, May 8th. The energy company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. Devon Energy had a net margin of 31.39% and a return on equity of 47.42%. The firm had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the previous year, the firm posted $1.88 EPS. The company’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 5.78 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were paid a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 5.42%. Devon Energy’s dividend payout ratio (DPR) is presently 8.72%.

Insider Activity

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 completion of the sale, the executive vice president now owns 218,418 shares in the company, valued at approximately $10,914,347.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.63% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several analyst reports. Truist Financial decreased their target price on shares of Devon Energy from $81.00 to $69.00 in a research note on Monday. Sanford C. Bernstein dropped their price target on Devon Energy from $71.00 to $64.00 in a research report on Wednesday, May 17th. Raymond James decreased their price objective on Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating for the company in a report on Monday. Royal Bank of Canada dropped their price objective on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 13th. Finally, Mizuho dropped their price target on Devon Energy from $71.00 to $65.00 in a research report on Friday, May 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $65.84.

About Devon Energy

(Free Report)

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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