Devon Energy Co. (NYSE:DVN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Devon Energy Co. (NYSE:DVN) by 8.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 724,491 shares of the energy company’s stock after selling 70,264 shares during the quarter. Principal Financial Group Inc. owned about 0.11% of Devon Energy worth $34,341,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of DVN. Salem Investment Counselors Inc. lifted its holdings in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC lifted its holdings in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares during the period. Finally, Annex Advisory Services LLC lifted its holdings in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.5 %

DVN opened at $44.78 on Friday. The firm has a market capitalization of $28.30 billion, a P/E ratio of 8.55, a P/E/G ratio of 0.75 and a beta of 2.07. The firm’s 50 day moving average is $45.85 and its 200-day moving average is $47.58. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. Analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.97%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DVN shares. Truist Financial cut their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Susquehanna reiterated a “positive” rating and set a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Wells Fargo & Company cut their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Finally, BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.75.

About Devon Energy

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.