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

Devon Energy Co. (NYSE:DVN) EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Devon Energy Trading Down 0.8 %

Shares of DVN opened at $50.56 on Thursday. The firm has a 50 day moving average price of $50.02 and a 200-day moving average price of $46.31. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm has a market cap of $31.95 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during 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%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 earnings per share. As a group, equities research analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. Devon Energy’s dividend payout ratio is currently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy in the 3rd quarter worth $27,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the first quarter worth about $30,000. Sound Income Strategies LLC lifted its holdings in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Finally, Rise Advisors LLC boosted its position in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Mizuho raised their price target on shares of Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Company 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.