Fifth Third Bancorp Sells 3,502 Shares of Devon Energy Corporation $DVN

Fifth Third Bancorp lowered its position in Devon Energy Corporation (NYSE:DVN) by 9.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,008 shares of the energy company’s stock after selling 3,502 shares during the period. Fifth Third Bancorp’s holdings in Devon Energy were worth $1,018,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Kwmg LLC grew its position in Devon Energy by 10.2% in the 2nd quarter. Kwmg LLC now owns 147,671 shares of the energy company’s stock worth $4,697,000 after purchasing an additional 13,616 shares in the last quarter. Bank of Stockton boosted its stake in shares of Devon Energy by 15.4% in the 2nd quarter. Bank of Stockton now owns 9,455 shares of the energy company’s stock worth $301,000 after buying an additional 1,262 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Devon Energy in the 2nd quarter worth approximately $25,000. Chapin Davis Inc. grew its holdings in shares of Devon Energy by 4.4% in the second quarter. Chapin Davis Inc. now owns 12,915 shares of the energy company’s stock valued at $411,000 after acquiring an additional 546 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Devon Energy by 33.8% during the second quarter. GAMMA Investing LLC now owns 25,993 shares of the energy company’s stock valued at $827,000 after acquiring an additional 6,565 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Jefferies Financial Group boosted their price objective on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, July 14th. Tudor, Pickering, Holt & Co. lifted their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Piper Sandler reduced their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Wolfe Research lifted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. Finally, UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $44.04.

Devon Energy Stock Up 3.4%

DVN opened at $36.97 on Monday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company has a fifty day moving average price of $34.23 and a 200-day moving average price of $33.15. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market capitalization of $23.47 billion, a P/E ratio of 8.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 EPS. Equities research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Devon Energy 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.