Virtu Financial LLC Decreases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Jul 27th, 2023

Virtu Financial LLC trimmed its position in Devon Energy Co. (NYSE:DVN – Free Report) by 47.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in DVN. WFA of San Diego LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $25,000. Tyler Stone Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter worth $25,000. Clearview Wealth Advisors LLC purchased a new position in Devon Energy during the 1st quarter valued at $25,000. Tradewinds Capital Management LLC boosted its stake in shares of Devon Energy by 115.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock valued at $26,000 after purchasing an additional 230 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy during the first quarter valued at about $26,000. 71.00% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.4 %

Shares of Devon Energy stock opened at $53.17 on Thursday. Devon Energy Co. has a 1-year low of $44.03 and a 1-year high of $78.82. The company’s fifty day simple moving average is $48.97 and its 200-day simple moving average is $53.08. 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 stock has a market capitalization of $34.77 billion, a PE ratio of 5.80, a P/E/G ratio of 0.18 and a beta of 2.31.

Devon Energy (NYSE:DVN – Get Free Report) last released its earnings results on Monday, May 8th. The energy company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. The company had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Devon Energy had a net margin of 31.39% and a return on equity of 47.42%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 EPS. As a group, equities analysts anticipate that Devon Energy Co. will post 5.78 earnings per share for the current year.

Devon Energy Cuts Dividend

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

Insider Activity

In related news, EVP Dennis C. Cameron sold 8,292 shares of the stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $49.97, for a total transaction of $414,351.24. Following the completion of the sale, the executive vice president now owns 218,418 shares in the company, valued at $10,914,347.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on DVN shares. Truist Financial lowered their price objective on shares of Devon Energy from $81.00 to $69.00 in a report on Monday. Bank of America dropped their price target on Devon Energy from $67.00 to $60.00 in a research report on Tuesday, May 9th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. The Goldman Sachs Group upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $63.00 to $58.00 in a research note on Tuesday, June 13th. Finally, Royal Bank of Canada cut 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 report on Thursday, July 13th. 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.

Devon Energy Profile

(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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