Devon Energy Co. (NYSE:DVN) Shares Sold by Ignite Planners LLC

Ignite Planners LLC lowered its position in Devon Energy Co. (NYSE:DVN) by 4.0% in the second quarter, HoldingsChannel reports. The fund owned 5,234 shares of the energy company’s stock after selling 219 shares during the quarter. Ignite Planners LLC’s holdings in Devon Energy were worth $256,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. Simplicity Solutions LLC increased its position in shares of Devon Energy by 247.3% in the first quarter. Simplicity Solutions LLC now owns 30,114 shares of the energy company’s stock valued at $1,524,000 after buying an additional 21,442 shares in the last quarter. ProShare Advisors LLC raised its position in Devon Energy by 9.8% during the first quarter. ProShare Advisors LLC now owns 183,900 shares of the energy company’s stock worth $9,307,000 after acquiring an additional 16,361 shares during the period. Clear Creek Financial Management LLC lifted its holdings in Devon Energy by 6.7% during the first quarter. Clear Creek Financial Management LLC now owns 8,656 shares of the energy company’s stock valued at $438,000 after purchasing an additional 546 shares in the last quarter. VitalStone Financial LLC grew its position in shares of Devon Energy by 615.7% in the first quarter. VitalStone Financial LLC now owns 30,632 shares of the energy company’s stock valued at $1,354,000 after purchasing an additional 26,352 shares during the period. Finally, Aviva PLC increased its stake in shares of Devon Energy by 23.4% during the fourth quarter. Aviva PLC now owns 368,272 shares of the energy company’s stock worth $16,394,000 after purchasing an additional 69,819 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $49.50 on Tuesday. The stock has a fifty day simple moving average of $51.05 and a 200-day simple moving average of $50.43. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. Devon Energy Co. has a twelve month low of $44.03 and a twelve month high of $78.82. The stock has a market cap of $31.71 billion, a PE ratio of 6.77, a P/E/G ratio of 0.17 and a beta of 2.34.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.18. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. Devon Energy’s revenue was down 38.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.59 EPS. Equities analysts anticipate that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy’s payout ratio is 10.94%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DVN. Stifel Nicolaus raised their price target on shares of Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, August 25th. UBS Group boosted their price target on Devon Energy from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Piper Sandler decreased their price objective on Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, August 14th. Royal Bank of Canada reduced their target price on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating for the company in a research report on Thursday, July 13th. Finally, The Goldman Sachs Group upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $63.00 to $58.00 in a research report on Tuesday, June 13th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.83.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.13, for a total transaction of $402,393.10. Following the sale, the executive vice president now directly owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.63% of the company’s stock.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.