Key Points
- Devon Energy EVP Jeffrey Ritenour sold 70,029 shares on May 11 at an average price of $46.66, totaling about $3.27 million. After the sale, he still owned 428,452 shares, a 14.05% reduction in his position.
- The company posted mixed quarterly results, reporting earnings of $1.04 per share versus expectations of $1.06 and revenue of $3.81 billion versus the $4.34 billion estimate. Revenue fell 14.5% from a year earlier, though analysts still forecast full-year EPS of 5.66.
- Devon Energy raised its quarterly dividend to $0.32 per share from $0.24, equivalent to a $1.28 annual payout and a 2.7% yield. The dividend will be paid on June 30 to shareholders of record on June 15.
Devon Energy Corporation (NYSE:DVN - Get Free Report) EVP Jeffrey Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated 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 completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Devon Energy Trading Up 0.1%
Shares of NYSE:DVN opened at $46.80 on Wednesday. The company has a market cap of $29.08 billion, a PE ratio of 13.04, a P/E/G ratio of 0.71 and a beta of 0.43. The company's 50-day moving average price is $47.53 and its 200 day moving average price is $41.13. Devon Energy Corporation has a fifty-two week low of $30.24 and a fifty-two week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.
Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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). The firm 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%. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. Sell-side analysts anticipate that Devon Energy Corporation will post 5.66 earnings per share for the current year.
Devon Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is 26.74%.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in DVN. Pacer Advisors Inc. increased its position in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock worth $132,206,000 after acquiring an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC increased its position in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC grew its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Devon Energy by 608.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company's stock valued at $98,721,000 after purchasing an additional 2,314,843 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on DVN. Benchmark restated a "buy" rating on shares of Devon Energy in a research report on Friday, January 16th. Raymond James Financial upgraded shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 price target on the stock in a research report on Tuesday, May 5th. Morgan Stanley boosted their price target on shares of Devon Energy from $46.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Citigroup boosted their price target on shares of Devon Energy from $44.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, March 30th. Finally, UBS Group dropped their target price on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.59.
Get Our Latest Stock Report on DVN
Devon Energy Company Profile
(
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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.
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