Bank of Montreal Can Cuts Position in Devon Energy Corporation $DVN

Bank of Montreal Can decreased its holdings in Devon Energy Corporation (NYSE:DVN) by 34.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 429,662 shares of the energy company’s stock after selling 227,537 shares during the quarter. Bank of Montreal Can’s holdings in Devon Energy were worth $13,668,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new position in shares of Devon Energy during the 2nd quarter worth approximately $25,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy in the 1st quarter worth $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy in the 1st quarter worth $26,000. Trust Co. of Vermont raised its position in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after acquiring an additional 666 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in Devon Energy during the second quarter valued at $34,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $33.68 on Friday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $39.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market capitalization of $21.38 billion, a PE ratio of 7.55, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. The business has a 50 day simple moving average of $33.97 and a 200-day simple moving average of $33.26.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same quarter in the previous year, the company posted $1.10 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Devon Energy’s payout ratio is presently 22.59%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DVN. Barclays cut their target price on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Mizuho cut their price objective on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Raymond James Financial reissued an “outperform” rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Finally, Piper Sandler dropped their price target on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.04.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction dated 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 sale, 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 this link. Corporate insiders own 0.71% of the company’s stock.

Devon Energy Company Profile

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.