Devon Energy Corporation (NYSE:DVN) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 14.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 552,117 shares of the energy company’s stock after selling 95,252 shares during the period. King Luther Capital Management Corp owned 0.09% of Devon Energy worth $20,649,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Covestor Ltd lifted its stake in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock worth $83,000 after acquiring an additional 345 shares during the period. Whittier Trust Co. lifted its stake in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after acquiring an additional 377 shares during the period. Hager Investment Management Services LLC raised its holdings in shares of Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock worth $158,000 after purchasing an additional 380 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock worth $3,449,000 after purchasing an additional 386 shares in the last quarter. Finally, Sierra Ocean LLC raised its holdings in shares of Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company’s stock worth $64,000 after purchasing an additional 388 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE DVN opened at $33.25 on Monday. 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 firm has a market capitalization of $21.11 billion, a price-to-earnings ratio of 7.46, a P/E/G ratio of 1.89 and a beta of 1.07. The company’s fifty day moving average is $33.07 and its two-hundred day moving average is $33.19. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the business posted $1.41 EPS. Equities research analysts forecast 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 will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. Raymond James Financial reiterated an “outperform” rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. Piper Sandler reiterated an “overweight” rating and issued a $58.00 target price (up from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. UBS Group boosted their price target on shares of Devon Energy from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Finally, Royal Bank Of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.93.

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.