OMC Financial Services LTD Sells 1,150 Shares of Devon Energy Corporation $DVN

OMC Financial Services LTD lessened its position in Devon Energy Corporation (NYSE:DVN) by 14.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,775 shares of the energy company’s stock after selling 1,150 shares during the quarter. OMC Financial Services LTD’s holdings in Devon Energy were worth $216,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in DVN. GAMMA Investing LLC increased its stake in Devon Energy by 64.9% in the first quarter. GAMMA Investing LLC now owns 19,428 shares of the energy company’s stock valued at $727,000 after acquiring an additional 7,648 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Devon Energy in the first quarter valued at $385,000. Advisor Resource Council bought a new position in Devon Energy in the first quarter valued at $253,000. Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of Devon Energy by 34.0% during the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,112 shares of the energy company’s stock valued at $677,000 after buying an additional 4,597 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Devon Energy by 17.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 294,858 shares of the energy company’s stock valued at $11,028,000 after buying an additional 44,601 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Siebert Williams Shank reduced their price objective on Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Tudor, Pickering, Holt & Co. raised their price objective on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Piper Sandler reduced their price objective on Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Bernstein Bank reduced their price objective on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Monday, July 7th. Finally, The Goldman Sachs Group dropped their target price on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.14.

Devon Energy Stock Performance

Shares of DVN opened at $32.07 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a one year low of $25.89 and a one year high of $40.54. The company has a 50-day simple moving average of $34.48 and a two-hundred day simple moving average of $32.92. The firm has a market capitalization of $20.36 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the business posted $1.41 earnings per share. Devon Energy’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 21.52%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.