Insider Selling: Devon Energy (NYSE:DVN) EVP Sells 70,029 Shares of Stock

Devon Energy Corporation (NYSE:DVN) EVP Jeffrey Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Devon Energy Price Performance

DVN stock traded up $0.07 during mid-day trading on Tuesday, hitting $46.80. The company had a trading volume of 14,729,635 shares, compared to its average volume of 14,068,263. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $29.08 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 0.70 and a beta of 0.43. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71. The company has a 50-day moving average price of $47.46 and a 200 day moving average price of $41.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the business earned $0.82 EPS. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Corporation will post 5.66 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is 26.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Siebert Williams Shank raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Raymond James Financial upgraded shares of Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price target for the company in a report on Tuesday, May 5th. Truist Financial began coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 price target for the company. Zacks Research upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $66.00 price objective on shares of Devon Energy in a research report on Monday, April 20th. Four 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy during the 4th quarter worth approximately $25,000. First Horizon Corp purchased a new position in Devon Energy during the third quarter worth approximately $26,000. Accredited Wealth Management LLC boosted its position in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares in the last quarter. Ameriflex Group Inc. grew its holdings in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the period. Finally, MV Capital Management Inc. purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.