Devon Energy Corporation $DVN Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,006,827 shares of the energy company’s stock after selling 22,338 shares during the quarter. Russell Investments Group Ltd.’s holdings in Devon Energy were worth $92,417,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Financial Management Professionals Inc. grew its position in Devon Energy by 119.0% in the 3rd quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock worth $27,000 after purchasing an additional 313 shares during the last quarter. Premier Financial Group bought a new position in shares of Devon Energy during the 2nd quarter worth about $25,000. JFS Wealth Advisors LLC increased its holdings in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the period. Parvin Asset Management LLC acquired a new position in shares of Devon Energy during the second quarter valued at about $28,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in shares of Devon Energy during the second quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Devon Energy stock traded up $0.34 on Friday, hitting $46.57. The company’s stock had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. The firm has a market cap of $53.08 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.43. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $48.26 and a 200-day moving average price of $46.20. Devon Energy Corporation has a one year low of $34.23 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. The company had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.57 billion. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The business’s revenue was up 66.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.04 EPS. On average, equities analysts anticipate that Devon Energy Corporation will post 5.56 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s payout ratio is presently 32.00%.

Analyst Ratings Changes

Several research firms recently weighed in on DVN. UBS Group reduced their target price on shares of Devon Energy from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, November 10th. Citigroup lowered their price target on Devon Energy from $67.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. Barclays boosted their price target on Devon Energy from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday. Truist Financial upped their price target on Devon Energy from $61.00 to $62.00 and gave the company a “buy” rating in a report on Monday, November 9th. Finally, Mizuho reduced their price objective on Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. Two research 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 stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $59.72.

Insider Transactions at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Clay Gaspar purchased 3,913 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the transaction, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 4.58% of the company’s stock.

More Devon Energy News

Investors following DVN have been watching these news items:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report
• Negative Sentiment: UBS issued a pessimistic forecast for Devon Energy, adding to the cautious analyst outlook; the report summary provided no target or forecast details. UBS forecast report

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.