Sunbelt Securities Inc. Acquires 907 Shares of Devon Energy Co. (NYSE:DVN)

Sunbelt Securities Inc. increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,372 shares of the energy company’s stock after purchasing an additional 907 shares during the quarter. Sunbelt Securities Inc.’s holdings in Devon Energy were worth $621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Envestnet Asset Management Inc. lifted its holdings in Devon Energy by 4.2% in the third quarter. Envestnet Asset Management Inc. now owns 335,684 shares of the energy company’s stock valued at $16,012,000 after acquiring an additional 13,551 shares during the period. Acadian Asset Management LLC lifted its holdings in Devon Energy by 66.9% in the third quarter. Acadian Asset Management LLC now owns 15,508 shares of the energy company’s stock valued at $738,000 after acquiring an additional 6,215 shares during the period. Eagle Asset Management Inc. lifted its holdings in Devon Energy by 40.2% in the third quarter. Eagle Asset Management Inc. now owns 13,704 shares of the energy company’s stock valued at $654,000 after acquiring an additional 3,931 shares during the period. Natixis Advisors L.P. lifted its holdings in Devon Energy by 18.1% in the third quarter. Natixis Advisors L.P. now owns 167,612 shares of the energy company’s stock valued at $7,995,000 after acquiring an additional 25,742 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in Devon Energy by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 302,806 shares of the energy company’s stock valued at $14,444,000 after acquiring an additional 1,502 shares during the period. 69.72% of the stock is owned by institutional investors.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available through this link. 0.73% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Susquehanna increased their target price on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Truist Financial reduced their price target on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Morgan Stanley upped their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada upped their price target on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. Finally, Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Stock Performance

NYSE:DVN opened at $46.73 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a 50-day moving average price of $48.91 and a 200 day moving average price of $46.86. The stock has a market capitalization of $29.53 billion, a P/E ratio of 8.92, a P/E/G ratio of 1.25 and a beta of 2.08.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.27 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is presently 16.79%.

Devon Energy Company 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.