Insider Selling: Devon Energy Corp Director Unloads 3,500 Shares of Stock (DVN)
Devon Energy Corp (NYSE:DVN) Director Robert A. Mosbacher, Jr. sold 3,500 shares of the company’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $79.07, for a total transaction of $276,745.00. Following the sale, the director now directly owns 23,704 shares in the company, valued at approximately $1,874,275. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Devon Energy Corp (NYSE:DVN) traded down 1.65% during mid-day trading on Tuesday, hitting $77.57. 3,649,613 shares of the company’s stock traded hands. Devon Energy Corp has a one year low of $51.66 and a one year high of $79.25. The stock’s 50-day moving average is $74.09 and its 200-day moving average is $66.16. The company has a market cap of $31.641 billion and a price-to-earnings ratio of 19.39. Devon Energy Corp also was the recipient of a significant decline in short interest in the month of June. As of June 13th, there was short interest totalling 6,499,517 shares, a decline of 34.1% from the May 30th total of 9,860,562 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 3,022,962 shares, the short-interest ratio is presently 2.2 days.
Devon Energy Corp (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by $0.12. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 89.0% on a year-over-year basis. Analysts expect that Devon Energy Corp will post $5.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Wednesday, September 10th.
A number of analysts have recently weighed in on DVN shares. Analysts at Howard Weil raised their price target on shares of Devon Energy Corp from $77.00 to $87.00 in a research note on Tuesday. They now have a “sector outperform” rating on the stock. Separately, analysts at Argus raised their price target on shares of Devon Energy Corp from $80.00 to $88.00 in a research note on Monday, June 16th. They now have a “buy” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Devon Energy Corp in a research note on Wednesday, June 11th. They now have a $87.00 price target on the stock, up previously from $79.00. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Devon Energy Corp has a consensus rating of “Buy” and a consensus target price of $83.71.
Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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