Tana K. Cashion Sells 20,000 Shares of Devon Energy Co. (NYSE:DVN) Stock

Devon Energy Co. (NYSE:DVN) EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Devon Energy Stock Down 0.8 %

Devon Energy stock opened at $50.56 on Thursday. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The business has a fifty day moving average of $50.02 and a two-hundred day moving average of $46.31. The firm has a market cap of $31.95 billion, a P/E ratio of 9.65 and a beta of 2.16. 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 issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping 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 firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the business posted $1.46 EPS. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. On average, analysts forecast that Devon Energy Co. will post 5.24 earnings per share 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. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DVN. Pacer Advisors Inc. grew its holdings in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Devon Energy during the 3rd quarter valued at about $113,793,000. Morgan Stanley increased its position in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DVN shares. Piper Sandler increased their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. UBS Group increased their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Finally, Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.44.

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.