Canal Capital Management LLC Cuts Position in Devon Energy Corporation $DVN

Canal Capital Management LLC cut its holdings in Devon Energy Corporation (NYSE:DVN) by 78.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,361 shares of the energy company’s stock after selling 138,855 shares during the period. Canal Capital Management LLC’s holdings in Devon Energy were worth $1,930,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Woodline Partners LP raised 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 bought a new position in Devon Energy during the second quarter valued at about $403,000. Jump Financial LLC increased its holdings in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after buying an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. increased 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 during the last quarter. Finally, NewEdge Advisors LLC raised its position in Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after acquiring an additional 8,127 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

NYSE:DVN opened at $40.44 on Friday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The stock has a fifty day moving average of $45.53 and a 200 day moving average of $43.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of 11.26 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the previous year, the firm posted $0.82 EPS. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. On average, research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.2%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,371 shares of company stock valued at $5,258,059 over the last 90 days. 4.58% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on DVN shares. Barclays boosted their target price on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Citigroup raised their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Piper Sandler lifted their price target on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Wells Fargo & Company upped their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.38.

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.