Morris Capital Advisors LLC Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Morris Capital Advisors LLC lowered its stake in Devon Energy Co. (NYSE:DVNGet Rating) by 3.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 15,290 shares of the energy company’s stock after selling 513 shares during the period. Morris Capital Advisors LLC’s holdings in Devon Energy were worth $843,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Devon Energy by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 75,339,676 shares of the energy company’s stock worth $4,454,836,000 after acquiring an additional 541,701 shares during the last quarter. GQG Partners LLC raised its position in shares of Devon Energy by 3.6% during the 1st quarter. GQG Partners LLC now owns 15,031,333 shares of the energy company’s stock valued at $888,575,000 after purchasing an additional 523,911 shares during the period. Boston Partners raised its position in shares of Devon Energy by 36.6% during the 1st quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock valued at $459,821,000 after purchasing an additional 2,083,360 shares during the period. Northern Trust Corp raised its position in shares of Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after purchasing an additional 99,059 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 13.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,608,911 shares of the energy company’s stock valued at $390,824,000 after purchasing an additional 799,535 shares during the period. Hedge funds and other institutional investors own 79.19% of the company’s stock.

Insider Transactions at Devon Energy

In related news, EVP Dennis C. Cameron sold 4,537 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.80% of the company’s stock.

Devon Energy Trading Down 8.6 %

Shares of DVN stock traded down $5.41 during trading hours on Friday, reaching $57.71. 1,198,412 shares of the stock were exchanged, compared to its average volume of 11,437,929. The firm has a market capitalization of $37.79 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 0.13 and a beta of 2.47. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. Devon Energy Co. has a 12-month low of $30.49 and a 12-month high of $79.40. The company’s 50-day moving average price is $64.42 and its 200-day moving average price is $63.30.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the prior year, the company earned $0.60 EPS. The company’s revenue was up 132.8% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 9.24 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 10.74%. The ex-dividend date of this dividend is Friday, September 9th. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s dividend payout ratio is presently 9.14%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Piper Sandler decreased their price objective on shares of Devon Energy from $97.00 to $94.00 in a research report on Friday, July 22nd. Credit Suisse Group raised their price objective on shares of Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 9th. Truist Financial raised their price objective on shares of Devon Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. The Goldman Sachs Group reduced their price target on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating on the stock in a report on Tuesday, July 5th. Finally, StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $77.06.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

Further Reading

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

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