KBC Group NV Decreases Stake in Devon Energy Corporation $DVN

KBC Group NV lessened its stake in Devon Energy Corporation (NYSE:DVN) by 84.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,493 shares of the energy company’s stock after selling 539,389 shares during the quarter. KBC Group NV’s holdings in Devon Energy were worth $3,197,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise purchased a new position in Devon Energy in the first quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new position in Devon Energy in the 2nd quarter valued at approximately $25,000. Trust Co. of Vermont raised its holdings 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 purchasing an additional 666 shares during the last quarter. SouthState Corp boosted its position in Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares in the last quarter. Finally, Stone House Investment Management LLC purchased a new position in shares of Devon Energy in the first quarter valued at $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DVN shares. Evercore ISI raised their target price on shares of Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a report on Monday, October 6th. Royal Bank Of Canada set a $42.00 price objective on shares of Devon Energy and gave the stock a “sector perform” rating in a research note on Friday, October 10th. UBS Group upped their target price on Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. BMO Capital Markets dropped their price target on Devon Energy from $51.00 to $50.00 in a research report on Tuesday, November 11th. Finally, Scotiabank restated an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.86.

Devon Energy Trading Up 2.2%

NYSE DVN opened at $35.80 on Friday. The company has a market cap of $22.45 billion, a P/E ratio of 8.03, a P/E/G ratio of 2.49 and a beta of 1.01. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month 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 company has a 50-day moving average of $33.92 and a 200-day moving average of $33.39.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm earned $1.10 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

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.