Devon Energy Corporation $DVN Shares Sold by Empowered Funds LLC

Empowered Funds LLC reduced its stake in Devon Energy Corporation (NYSE:DVN) by 46.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 347,250 shares of the energy company’s stock after selling 299,284 shares during the quarter. Empowered Funds LLC owned about 0.06% of Devon Energy worth $17,474,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Pacer Advisors Inc. increased its stake in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. lifted its stake in shares of Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC lifted its stake in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. AQR Capital Management LLC grew its holdings in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after buying an additional 2,485,603 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Barclays raised their target price on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Royal Bank Of Canada boosted their price target on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Truist Financial cut their price objective on Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Scotiabank lifted their target price on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction dated 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 completion of the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last quarter. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Down 1.0%

NYSE:DVN opened at $42.72 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 company’s fifty day moving average price is $43.82 and its 200-day moving average price is $44.51. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The firm has a market capitalization of $26.55 billion, a P/E ratio of 11.90 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its 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). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

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

Devon Energy Company Profile

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.