Devon Energy (NYSE:DVN) SVP Adam Vela Sells 24,342 Shares

Devon Energy Corporation (NYSE:DVN) SVP Adam Vela sold 24,342 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Devon Energy Price Performance

NYSE:DVN traded up $2.31 on Friday, hitting $49.55. The company had a trading volume of 16,470,712 shares, compared to its average volume of 14,052,227. The stock has a market capitalization of $30.79 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.75 and a beta of 0.43. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $47.63 and a two-hundred day moving average of $41.32. Devon Energy Corporation has a 52 week low of $30.24 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 EPS. On average, research analysts anticipate that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 26.74%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. Woodline Partners LP raised its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Devon Energy during the second quarter worth $403,000. Jump Financial LLC raised its stake in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after buying an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after buying an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after buying an additional 8,127 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several analyst reports. Piper Sandler raised their price target on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Sanford C. Bernstein raised their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Siebert Williams Shank raised their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Wolfe Research raised their price target on shares of Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.41.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.