Belpointe Asset Management LLC Sells 29,401 Shares of Devon Energy Corporation $DVN

Belpointe Asset Management LLC decreased its holdings in Devon Energy Corporation (NYSE:DVN) by 57.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,624 shares of the energy company’s stock after selling 29,401 shares during the period. Belpointe Asset Management LLC’s holdings in Devon Energy were worth $688,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of DVN. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock worth $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Autumn Glory Partners LLC grew its holdings in Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock worth $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. purchased a new position in Devon Energy in the first quarter worth $2,524,000. Praxis Investment Management Inc. grew its holdings in Devon Energy by 41.8% in the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Devon Energy by 38.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company’s stock worth $31,850,000 after purchasing an additional 236,624 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.1%

Shares of NYSE DVN opened at $34.97 on Thursday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29. The stock has a market cap of $22.20 billion, a PE ratio of 7.84, a P/E/G ratio of 2.04 and a beta of 1.03. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $34.49 and a 200 day moving average of $33.15.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the prior year, the company earned $1.41 EPS. Devon Energy’s revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is 21.52%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Tudor, Pickering, Holt & Co. boosted their price objective on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Raymond James Financial reissued an “outperform” rating and set a $45.00 price objective (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Barclays lowered their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a report on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.48.

Insider Buying and Selling at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.71% of the stock is currently owned by company insiders.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.