Adam Vela Sells 24,342 Shares of Devon Energy (NYSE:DVN) Stock

Devon Energy Corporation (NYSE:DVN) SVP Adam Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $2.31 on Friday, reaching $49.55. 16,470,712 shares of the company’s stock were exchanged, compared to its average volume of 14,052,227. The company has a fifty day moving average of $47.63 and a 200-day moving average of $41.32. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71. The company has a market capitalization of $30.79 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.75 and a beta of 0.43. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the company earned $0.82 EPS. The business’s revenue for the quarter was down 14.5% on a year-over-year basis. On average, research analysts predict that Devon Energy Corporation will post 5.39 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DVN. Truist Financial began coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 target price on the stock. Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Evercore initiated coverage on shares of Devon Energy in a research report on Friday. They set an “in-line” rating and a $54.00 target price on the stock. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Finally, Susquehanna increased their price target on shares of Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $56.41.

Institutional Trading of Devon Energy

Several large investors have recently made changes to their positions in the company. OMERS ADMINISTRATION Corp boosted its position in shares of Devon Energy by 16.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 90,647 shares of the energy company’s stock worth $4,561,000 after acquiring an additional 13,115 shares in the last quarter. Waverly Advisors LLC boosted its position in shares of Devon Energy by 5.1% during the 1st quarter. Waverly Advisors LLC now owns 20,709 shares of the energy company’s stock worth $1,042,000 after acquiring an additional 1,013 shares in the last quarter. Bridgewater Advisors Inc. lifted its stake in Devon Energy by 80.2% in the 1st quarter. Bridgewater Advisors Inc. now owns 16,873 shares of the energy company’s stock valued at $849,000 after purchasing an additional 7,511 shares during the last quarter. Dai ichi Life Insurance Company Ltd bought a new position in Devon Energy in the 1st quarter valued at approximately $226,000. Finally, Gabelli Funds LLC lifted its stake in Devon Energy by 4.2% in the 1st quarter. Gabelli Funds LLC now owns 322,100 shares of the energy company’s stock valued at $16,208,000 after purchasing an additional 13,100 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.