Devon Energy Corporation $DVN Shares Sold by Inceptionr LLC

Inceptionr LLC decreased its stake in Devon Energy Corporation (NYSE:DVN) by 75.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,329 shares of the energy company’s stock after selling 13,154 shares during the period. Inceptionr LLC’s holdings in Devon Energy were worth $218,000 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 the stock. Tobam increased its position in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC grew its position in shares of Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after acquiring an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT increased its holdings in shares of Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after acquiring an additional 258 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. Jefferies Financial Group boosted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Truist Financial dropped their price target on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. UBS Group cut their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research report on Wednesday, June 10th. Finally, Mizuho increased their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.56.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last 90 days. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Down 1.0%

Shares of NYSE:DVN opened at $42.72 on Wednesday. The company has a 50 day moving average of $43.82 and a 200-day moving average of $44.51. The firm has a market cap of $26.55 billion, a P/E ratio of 11.90 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business earned $0.82 EPS. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s payout ratio is currently 35.65%.

About Devon Energy

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.