Devon Energy Co. (NYSE:DVN) Shares Sold by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. lowered its stake in shares of Devon Energy Co. (NYSE:DVNFree Report) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,089 shares of the energy company’s stock after selling 319 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Devon Energy were worth $1,725,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Morgan Stanley boosted its position in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. boosted its position in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the period. Dimensional Fund Advisors LP boosted its position in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the period. Northern Trust Corp boosted its position in Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after acquiring an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. boosted its position in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DVN shares. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Scotiabank boosted their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Piper Sandler boosted their price objective on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Finally, JPMorgan Chase & Co. boosted their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Get Our Latest Report on Devon Energy

Devon Energy Stock Performance

Shares of NYSE DVN opened at $46.79 on Monday. The business’s 50-day moving average price is $50.59 and its two-hundred day moving average price is $46.70. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a market capitalization of $29.57 billion, a P/E ratio of 8.93 and a beta of 2.08.

Devon Energy (NYSE:DVNGet Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.88%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Devon Energy Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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