RFG Advisory LLC Sells 23,183 Shares of Devon Energy Corporation $DVN

RFG Advisory LLC decreased its stake in Devon Energy Corporation (NYSE:DVN) by 69.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 10,013 shares of the energy company’s stock after selling 23,183 shares during the period. RFG Advisory LLC’s holdings in Devon Energy were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth approximately $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Devon Energy during the 2nd quarter valued at $28,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the 2nd quarter worth $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Devon Energy in the 2nd quarter worth $30,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.0%

Shares of Devon Energy stock opened at $49.73 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The stock has a market cap of $54.70 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. The company has a fifty day moving average price of $45.80 and a 200 day moving average price of $46.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company’s revenue was up 73.1% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. Equities research analysts forecast that Devon Energy Corporation will post 5.24 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 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 of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Raymond James Financial increased their price objective on shares of Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a report on Monday. Stifel Nicolaus initiated coverage on shares of Devon Energy in a research note on Thursday, September 10th. They set a “buy” rating and a $61.00 target price for the company. Capital One Financial decreased their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 2nd. Susquehanna increased their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Finally, Truist Financial raised their price objective on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.76.

Insider Buying and Selling

In related news, CEO Clay M. Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.58% of the company’s stock.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.