Southport Management L.L.C. Has $1.65 Million Stake in Devon Energy Co. (NYSE:DVN)

Southport Management L.L.C. cut its stake in Devon Energy Co. (NYSE:DVNGet Rating) by 32.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,820 shares of the energy company’s stock after selling 13,500 shares during the quarter. Devon Energy accounts for about 5.9% of Southport Management L.L.C.’s investment portfolio, making the stock its 3rd largest holding. Southport Management L.L.C.’s holdings in Devon Energy were worth $1,645,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Foundation Resource Management Inc. grew its stake in shares of Devon Energy by 2.6% in the first quarter. Foundation Resource Management Inc. now owns 69,158 shares of the energy company’s stock worth $4,089,000 after acquiring an additional 1,767 shares during the period. Ellevest Inc. grew its position in Devon Energy by 41.9% during the first quarter. Ellevest Inc. now owns 1,538 shares of the energy company’s stock valued at $91,000 after buying an additional 454 shares during the period. People s United Financial Inc. grew its position in Devon Energy by 21.5% during the fourth quarter. People s United Financial Inc. now owns 24,952 shares of the energy company’s stock valued at $1,099,000 after buying an additional 4,412 shares during the period. Exchange Traded Concepts LLC bought a new stake in Devon Energy during the first quarter valued at approximately $662,000. Finally, Kanawha Capital Management LLC grew its position in Devon Energy by 2.9% during the first quarter. Kanawha Capital Management LLC now owns 9,901 shares of the energy company’s stock valued at $585,000 after buying an additional 275 shares during the period. 79.19% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

DVN stock opened at $68.51 on Friday. Devon Energy Co. has a one year low of $27.40 and a one year high of $79.40. The company’s fifty day moving average price is $61.78 and its 200-day moving average price is $62.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $44.86 billion, a PE ratio of 8.69 and a beta of 2.47.

Devon Energy (NYSE:DVNGet Rating) last released its earnings results on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The company’s quarterly revenue was up 132.8% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Co. will post 9.25 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be paid a dividend of $1.55 per share. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. This represents a $6.20 dividend on an annualized basis and a yield of 9.05%. Devon Energy’s dividend payout ratio is presently 64.47%.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 4,537 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Dennis C. Cameron sold 4,537 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ann G. Fox sold 2,150 shares of the company’s stock in a transaction on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the sale, the director now directly owns 26,858 shares in the company, valued at approximately $1,887,311.66. The disclosure for this sale can be found here. 0.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DVN. The Goldman Sachs Group cut their target price on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, July 5th. Truist Financial boosted their target price on shares of Devon Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. Mizuho upped their price target on shares of Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, August 18th. Bank of America dropped their price target on shares of Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, July 19th. Finally, Credit Suisse Group upped their price target on shares of Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.53.

Devon Energy Profile

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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