Devon Energy Corporation $DVN Shares Sold by State of Wyoming

State of Wyoming reduced its holdings in Devon Energy Corporation (NYSE:DVN) by 90.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,636 shares of the energy company’s stock after selling 15,141 shares during the quarter. State of Wyoming’s holdings in Devon Energy were worth $68,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Woodline Partners LP grew its stake in shares of 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 purchasing an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy in the 2nd quarter valued at about $403,000. Jump Financial LLC lifted its stake in shares of Devon Energy by 58.8% in the second 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 during the period. Daiwa Securities Group Inc. boosted its holdings in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after buying an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after buying an additional 8,127 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $48.22 on Tuesday. The business has a 50-day moving average of $43.82 and a two-hundred day moving average of $45.54. The firm has a market capitalization of $53.05 billion, a PE ratio of 11.45, a P/E/G ratio of 1.35 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is presently 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Roth Capital reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th. Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Argus reiterated a “buy” rating and set a $45.85 target price on shares of Devon Energy in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.15.

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.