Devon Energy Corporation $DVN Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its position in Devon Energy Corporation (NYSE:DVN) by 2.1% during the 4th quarter, Holdings Channel reports. The firm owned 3,216,122 shares of the energy company’s stock after selling 70,639 shares during the quarter. Legal & General Group Plc’s holdings in Devon Energy were worth $117,807,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Accredited Wealth Management LLC grew its holdings in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the last quarter. Ameriflex Group Inc. grew its holdings in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Devon Energy in the third quarter valued at $31,000. Olistico Wealth LLC acquired a new stake in Devon Energy in the fourth quarter valued at $31,000. Finally, Elyxium Wealth LLC acquired a new stake in Devon Energy in the fourth quarter valued at $31,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the firm’s 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 sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’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 completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Sanford C. Bernstein upped their target price on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Piper Sandler increased their price objective on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. BMO Capital Markets increased their price objective on Devon Energy from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Wells Fargo & Company increased 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, Royal Bank Of Canada increased their price objective on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.85.

Devon Energy Stock Down 0.3%

DVN opened at $44.14 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a market cap of $27.43 billion, a P/E ratio of 12.30 and a beta of 0.43. Devon Energy Corporation has a 52 week low of $30.24 and a 52 week high of $52.71. The business’s fifty day simple moving average is $48.03 and its 200 day simple moving average is $42.36.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 EPS. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.21 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.32 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is presently 26.74%.

About Devon Energy

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.