Mutual of America Capital Management LLC Reduces Stock Position in Devon Energy Corporation $DVN

Mutual of America Capital Management LLC lessened its stake in shares of Devon Energy Corporation (NYSE:DVN) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,938 shares of the energy company’s stock after selling 9,206 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Devon Energy were worth $6,233,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Devon Energy in the 2nd quarter valued at about $25,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy in the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy in the 1st quarter valued at about $26,000. Trust Co. of Vermont grew its holdings in Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after buying an additional 666 shares during the period. Finally, SouthState Corp grew its holdings in Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after buying an additional 771 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on DVN. Scotiabank restated an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. Tudor, Pickering, Holt & Co. lifted their price target on Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Bernstein Bank lowered their price target on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 7th. Siebert Williams Shank lowered their price target on Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 13th. Finally, Morgan Stanley reduced their price objective on Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $43.14.

Devon Energy Stock Performance

NYSE DVN opened at $32.07 on Wednesday. The firm has a market capitalization of $20.36 billion, a P/E ratio of 7.19, a P/E/G ratio of 1.88 and a beta of 1.03. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $40.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The business’s 50-day simple moving average is $34.48 and its 200-day simple moving average is $32.92.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy’s payout ratio is 21.52%.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.73% of the company’s stock.

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.