State of Alaska Department of Revenue Sells 4,730 Shares of Devon Energy Corporation $DVN

State of Alaska Department of Revenue lessened its stake in Devon Energy Corporation (NYSE:DVN) by 6.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 72,210 shares of the energy company’s stock after selling 4,730 shares during the period. State of Alaska Department of Revenue’s holdings in Devon Energy were worth $2,297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SVB Wealth LLC lifted its stake in Devon Energy by 4.1% during the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the period. Whittier Trust Co. lifted its stake in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after purchasing an additional 377 shares during the period. Callan Family Office LLC lifted its stake in Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after purchasing an additional 377 shares during the period. Hager Investment Management Services LLC lifted its stake in Devon Energy by 9.9% during the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock worth $158,000 after purchasing an additional 380 shares during the period. Finally, Private Advisor Group LLC lifted its stake in Devon Energy by 0.4% during the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock worth $3,449,000 after purchasing an additional 386 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $34.33 on Friday. 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 cap of $21.79 billion, a P/E ratio of 7.70, a P/E/G ratio of 2.05 and a beta of 1.03. The firm has a 50 day simple moving average of $34.41 and a 200 day simple moving average of $33.18. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wolfe Research raised their price target on shares of Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, June 23rd. BMO Capital Markets raised their price target on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Tudor, Pickering, Holt & Co. raised their price target on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Bernstein Bank dropped their price objective on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 7th. Finally, Piper Sandler dropped their price objective on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.81.

Insider Buying and Selling at Devon Energy

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

About Devon Energy

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.