Devon Energy (NYSE:DVN – Get Free Report) issued its earnings results on Tuesday. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17, FiscalAI reports. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion.
Devon Energy Stock Performance
Devon Energy stock traded down $0.56 during trading hours on Tuesday, reaching $44.01. 9,794,947 shares of the company were exchanged, compared to its average volume of 13,755,949. Devon Energy has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $43.58 and a 200 day moving average of $44.75. The firm has a market cap of $27.34 billion, a price-to-earnings ratio of 12.26 and a beta of 0.38.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.
Analyst Upgrades and Downgrades
Get Our Latest Stock Analysis on DVN
Insider Transactions at Devon Energy
In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by insiders.
Institutional Investors Weigh In On Devon Energy
Hedge funds have recently bought and sold shares of the company. Zions Bancorporation National Association UT boosted its stake in shares of Devon Energy by 7.9% in the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after buying an additional 258 shares during the last quarter. IHT Wealth Management LLC raised its position in Devon Energy by 1.6% during the second quarter. IHT Wealth Management LLC now owns 24,904 shares of the energy company’s stock valued at $792,000 after acquiring an additional 399 shares in the last quarter. Fiduciary Trust Co lifted its holdings in Devon Energy by 3.4% in the third quarter. Fiduciary Trust Co now owns 12,606 shares of the energy company’s stock valued at $442,000 after acquiring an additional 419 shares during the period. NorthRock Partners LLC lifted its holdings in Devon Energy by 2.4% in the third quarter. NorthRock Partners LLC now owns 21,263 shares of the energy company’s stock valued at $745,000 after acquiring an additional 492 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in Devon Energy by 1.9% in the 4th quarter. Quadrant Capital Group LLC now owns 28,064 shares of the energy company’s stock worth $1,028,000 after purchasing an additional 527 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.
About Devon Energy
Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.
Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.
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