Janney Montgomery Scott LLC Cuts Position in Devon Energy Corporation $DVN

Janney Montgomery Scott LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN) by 20.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 128,387 shares of the energy company’s stock after selling 33,190 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Devon Energy were worth $6,460,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the 4th quarter valued at about $25,000. MV Capital Management Inc. purchased a new stake in Devon Energy during the fourth quarter worth about $29,000. Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy during the fourth quarter worth about $29,000. Ameriflex Group Inc. grew its position in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the period. Finally, Olistico Wealth LLC acquired a new position in Devon Energy during the fourth quarter worth about $31,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on DVN shares. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Raymond James Financial lowered their price target on Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating on the stock in a report on Monday, June 15th. Sanford C. Bernstein raised their price objective on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. UBS Group dropped their price objective on Devon Energy from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, June 10th. Finally, Truist Financial boosted their target price on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.38.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred 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 owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were 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 in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last three months. 4.58% of the stock is currently owned by insiders.

Devon Energy Stock Down 0.1%

DVN stock opened at $40.44 on Friday. The company’s 50 day simple moving average is $45.53 and its 200-day simple moving average is $43.61. The firm has a market capitalization of $25.13 billion, a PE ratio of 11.26 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (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 company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. Equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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

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.