Hsbc Holdings PLC Has $76.21 Million Position in Devon Energy Corporation $DVN

Hsbc Holdings PLC lowered its holdings in Devon Energy Corporation (NYSE:DVN) by 19.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,081,059 shares of the energy company’s stock after selling 517,382 shares during the period. Hsbc Holdings PLC’s holdings in Devon Energy were worth $76,207,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Devon Energy in the 4th quarter worth about $25,000. Accredited Wealth Management LLC boosted its position in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after acquiring an additional 308 shares during the period. Ameriflex Group Inc. grew its stake in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares in the last quarter. MV Capital Management Inc. purchased a new position in Devon Energy during the 4th quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 2.2%

NYSE:DVN opened at $43.03 on Tuesday. The company has a market capitalization of $26.74 billion, a P/E ratio of 11.99 and a beta of 0.38. The stock’s 50 day moving average price is $46.28 and its 200 day moving average price is $43.39. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last posted 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). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend 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 presently 35.65%.

Insider Activity at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Susquehanna increased their target price 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. Piper Sandler lifted their target price on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Raymond James Financial lowered their price target on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating on the stock in a report on Monday, June 15th. Finally, Mizuho upped their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.52.

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.