Devon Energy Corporation $DVN Shares Sold by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC reduced its stake in Devon Energy Corporation (NYSE:DVN) by 23.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,264 shares of the energy company’s stock after selling 3,538 shares during the period. Valeo Financial Advisors LLC’s holdings in Devon Energy were worth $358,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its stake in Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. lifted its stake in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Nuveen LLC acquired a new stake in Devon Energy during the first quarter valued at approximately $69,975,000. AQR Capital Management LLC raised its holdings in shares of Devon Energy by 100.0% during the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock valued at $132,051,000 after acquiring an additional 1,779,382 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Devon Energy by 530.3% during the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company’s stock valued at $77,323,000 after acquiring an additional 1,739,436 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DVN shares. Jefferies Financial Group boosted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a report on Monday, July 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Devon Energy in a report on Wednesday. Mizuho cut their price target on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Wolfe Research boosted their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Finally, Piper Sandler cut their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.74.

Devon Energy Stock Down 1.7%

Devon Energy stock opened at $34.37 on Friday. The firm has a market cap of $21.82 billion, a PE ratio of 7.71, a P/E/G ratio of 2.04 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm’s 50 day moving average price is $34.52 and its two-hundred day moving average price is $33.14. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 EPS. On average, research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

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.