Devon Energy Corporation $DVN Stock Holdings Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in Devon Energy Corporation (NYSE:DVN) by 11.0% during the first quarter, Holdings Channel reports. The fund owned 326,757 shares of the energy company’s stock after selling 40,282 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Devon Energy were worth $16,442,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the 4th quarter valued at about $25,000. SouthState Bank Corp increased its stake in shares of Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after purchasing an additional 486 shares during the period. MV Capital Management Inc. bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Finally, Steigerwald Gordon & Koch Inc. raised its holdings in shares of Devon Energy by 6,666.7% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock valued at $41,000 after buying an additional 800 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $45.08 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38. The company’s 50-day moving average price is $43.64 and its two-hundred day moving average price is $44.63.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion for 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 business’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.82 EPS. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Morgan Stanley decreased their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Capital One Financial reduced their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Sanford C. Bernstein increased their price target on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Finally, Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The shares were 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 in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were 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 directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. Corporate insiders own 4.58% of the company’s stock.

Devon Energy 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.