Prime Capital Investment Advisors LLC Lowers Stake in Devon Energy Corporation $DVN

Prime Capital Investment Advisors LLC cut its position in shares of Devon Energy Corporation (NYSE:DVN) by 29.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,869 shares of the energy company’s stock after selling 29,130 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Devon Energy were worth $2,223,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. SVB Wealth LLC grew its holdings in shares of Devon Energy by 4.1% during the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after buying an additional 321 shares in the last quarter. MAS Advisors LLC grew its holdings in shares of Devon Energy by 4.3% during the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after buying an additional 327 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after buying an additional 377 shares in the last quarter. Callan Family Office LLC grew its holdings in shares of Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after buying an additional 377 shares in the last quarter. Finally, Hager Investment Management Services LLC boosted its position in shares of Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock worth $158,000 after acquiring an additional 380 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Devon Energy Trading Up 0.1%

Shares of DVN stock opened at $34.95 on Wednesday. The stock has a market cap of $22.18 billion, a price-to-earnings ratio of 7.84, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm’s 50 day moving average price is $34.47 and its two-hundred day moving average price is $33.14.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. On average, analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DVN shares. Raymond James Financial reissued an “outperform” rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. UBS Group raised their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Piper Sandler decreased their target price on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Wells Fargo & Company raised their target price on shares of Devon Energy from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 12th. Finally, Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.48.

Devon Energy 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.