Devon Energy Corporation $DVN Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 13.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,737 shares of the energy company’s stock after selling 2,816 shares during the period. HB Wealth Management LLC’s holdings in Devon Energy were worth $596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in shares of Devon Energy during the second quarter worth $25,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after purchasing an additional 405 shares during the last quarter. Finally, SouthState Corp increased its position in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company’s stock.

Devon Energy Trading Up 0.7%

NYSE DVN opened at $34.56 on Friday. The stock has a market capitalization of $21.94 billion, a P/E ratio of 7.75, a P/E/G ratio of 2.00 and a beta of 1.03. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The firm has a 50-day moving average price of $34.44 and a 200 day moving average price of $33.16. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

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

Devon Energy Dividend Announcement

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

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Piper Sandler reduced their target price on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Siebert Williams Shank lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research report on Saturday, September 27th. Mizuho cut their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $43.81.

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.