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

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

Devon Energy Stock Up 0.2 %

NYSE:DVN opened at $50.98 on Wednesday. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average is $49.89 and its two-hundred day moving average is $46.28. The stock has a market capitalization of $32.22 billion, a price-to-earnings ratio of 9.73 and a beta of 2.16.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Research analysts anticipate that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 1.73%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analysts Set New Price Targets

DVN has been the subject of several recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Scotiabank raised their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Raymond James lowered their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Truist Financial cut their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Salem Investment Counselors Inc. increased its position in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC increased its holdings in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the period. MCF Advisors LLC boosted its stake in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the period. Finally, Cornerstone Wealth Management LLC increased its stake in shares of Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.