Devon Energy Co. (NYSE:DVN) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. reduced its holdings in Devon Energy Co. (NYSE:DVNGet Rating) by 12.0% during the 2nd quarter, Holdings Channel reports. The fund owned 10,374 shares of the energy company’s stock after selling 1,420 shares during the quarter. Fulton Bank N.A.’s holdings in Devon Energy were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. WASHINGTON TRUST Co acquired a new stake in Devon Energy in the 1st quarter valued at approximately $26,000. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the 1st quarter valued at $26,000. JNBA Financial Advisors increased its position in shares of Devon Energy by 274.4% during the 1st quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock valued at $29,000 after purchasing an additional 365 shares during the period. Riverview Trust Co acquired a new position in shares of Devon Energy during the 1st quarter valued at $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Devon Energy during the 1st quarter valued at $33,000. 79.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.80% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $66.82 on Friday. The stock has a market cap of $43.75 billion, a PE ratio of 8.48, a price-to-earnings-growth ratio of 0.13 and a beta of 2.47. Devon Energy Co. has a 12 month low of $27.40 and a 12 month high of $79.40. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $63.43 and a 200-day simple moving average of $63.18.

Devon Energy (NYSE:DVNGet Rating) last released its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The business’s revenue for the quarter was up 132.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 earnings per share. On average, sell-side analysts anticipate that Devon Energy Co. will post 9.33 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be given a dividend of $1.55 per share. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. This represents a $6.20 dividend on an annualized basis and a yield of 9.28%. Devon Energy’s dividend payout ratio (DPR) is presently 9.14%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DVN. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. Piper Sandler lowered their price target on Devon Energy from $97.00 to $94.00 in a research report on Friday, July 22nd. Johnson Rice lowered Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, May 24th. Barclays set a $89.00 price objective on Devon Energy in a research note on Tuesday, July 19th. Finally, Raymond James raised their price objective on Devon Energy from $80.00 to $85.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 17th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.94.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

See Also

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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