Childress Capital Advisors LLC Trims Holdings in Devon Energy Corporation $DVN

Childress Capital Advisors LLC cut its stake in Devon Energy Corporation (NYSE:DVN) by 62.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,731 shares of the energy company’s stock after selling 26,558 shares during the period. Childress Capital Advisors LLC’s holdings in Devon Energy were worth $792,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP grew its stake in Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy during the second quarter worth about $403,000. Jump Financial LLC increased its holdings in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. began coverage on shares of Devon Energy in a research note on Monday, June 8th. They set an “overweight” rating and a $62.00 target price for the company. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, June 10th. Roth Capital reissued a “buy” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, April 28th. Finally, Truist Financial lifted their price target on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $60.04.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 over the last quarter. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

NYSE:DVN opened at $42.47 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market capitalization of $26.39 billion, a price-to-earnings ratio of 11.83 and a beta of 0.38. The company’s 50-day moving average is $45.26 and its two-hundred day moving average is $43.73. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s quarterly revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 EPS. Analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.