Devon Energy Corporation $DVN Stake Lessened by Freedom Investment Management Inc.

Freedom Investment Management Inc. lessened its stake in Devon Energy Corporation (NYSE:DVN) by 10.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,172 shares of the energy company’s stock after selling 919 shares during the period. Freedom Investment Management Inc.’s holdings in Devon Energy were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. Opal Wealth Advisors LLC acquired a new position in Devon Energy in the second quarter worth $25,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the first quarter worth $26,000. Trust Co. of Vermont boosted its holdings in Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Devon Energy in the second quarter worth $34,000. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler decreased their price objective on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Morgan Stanley decreased their price objective on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Roth Capital assumed coverage on shares of Devon Energy in a report on Monday, October 13th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, William Blair assumed coverage on shares of Devon Energy in a report on Monday, August 25th. They issued an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.14.

Devon Energy Trading Down 0.1%

NYSE:DVN opened at $32.95 on Tuesday. The stock has a market cap of $20.91 billion, a price-to-earnings ratio of 7.39, a PEG ratio of 2.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $40.54. The business has a fifty day moving average of $34.42 and a 200-day moving average of $33.06.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.41 earnings per share. Equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred 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 owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by company insiders.

About Devon Energy

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.