Devon Energy (NYSE:DVN) EVP Sells $3,267,553.14 in Stock

Devon Energy Corporation (NYSE:DVN) EVP Jeffrey Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Devon Energy Stock Up 0.7%

DVN opened at $47.25 on Friday. The stock has a market cap of $29.36 billion, a PE ratio of 13.16, a P/E/G ratio of 0.75 and a beta of 0.43. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 52 week low of $30.24 and a 52 week high of $52.71. The business’s fifty day simple moving average is $47.63 and its 200 day simple moving average is $41.32.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS. As a group, research analysts expect that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is 26.74%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. Mizuho lifted their target price on shares of Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Wolfe Research lifted their target price on shares of Devon Energy from $64.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Citigroup boosted their price objective on shares of Devon Energy from $44.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 30th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.78.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter worth about $25,000. First Horizon Corp bought a new stake in Devon Energy during the third quarter worth about $26,000. Accredited Wealth Management LLC raised its holdings in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the last quarter. Ameriflex Group Inc. raised its holdings in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the last quarter. Finally, MV Capital Management Inc. purchased a new position in Devon Energy in the fourth quarter worth about $29,000. Institutional investors own 69.72% of the company’s stock.

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.