Beacon Pointe Advisors LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 22.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,534 shares of the energy company's stock after selling 3,620 shares during the period. Beacon Pointe Advisors LLC's holdings in Devon Energy were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in DVN. Boston Partners lifted its holdings in Devon Energy by 36.6% in the 1st quarter. Boston Partners now owns 7,774,464 shares of the energy company's stock worth $459,821,000 after buying an additional 2,083,360 shares in the last quarter. Bank of Montreal Can lifted its holdings in Devon Energy by 276.7% in the 1st quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company's stock worth $143,776,000 after buying an additional 1,743,220 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Devon Energy in the 1st quarter worth $85,234,000. First Trust Advisors LP lifted its holdings in Devon Energy by 79.4% in the 1st quarter. First Trust Advisors LP now owns 3,206,111 shares of the energy company's stock worth $189,577,000 after buying an additional 1,419,322 shares in the last quarter. Finally, Ardevora Asset Management LLP acquired a new position in Devon Energy in the 2nd quarter worth $54,259,000. 79.19% of the stock is owned by hedge funds and other institutional investors.
Get Devon Energy alerts:Devon Energy Price Performance
NYSE DVN opened at $68.35 on Friday. Devon Energy Co. has a 52 week low of $35.55 and a 52 week high of $79.40. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.56. The stock has a market cap of $44.68 billion, a price-to-earnings ratio of 7.18, a price-to-earnings-growth ratio of 0.14 and a beta of 2.45. The company has a 50-day moving average price of $69.15 and a two-hundred day moving average price of $66.22.
Devon Energy Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Monday, December 12th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 7.90%. The ex-dividend date is Friday, December 9th. Devon Energy's dividend payout ratio (DPR) is 65.13%.Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Mizuho cut their price objective on shares of Devon Energy from $91.00 to $86.00 and set a "buy" rating on the stock in a report on Monday, October 24th. Piper Sandler upped their target price on shares of Devon Energy from $94.00 to $96.00 and gave the company an "overweight" rating in a research note on Tuesday, October 18th. Morgan Stanley cut their target price on shares of Devon Energy from $69.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 19th. Truist Financial upped their target price on shares of Devon Energy from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, August 10th. Finally, StockNews.com lowered shares of Devon Energy from a "hold" rating to a "sell" rating in a research note on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $81.17.
Insiders Place Their Bets
In other news, EVP Dennis C. Cameron sold 5,557 shares of the stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $70.48, for a total value of $391,657.36. Following the completion of the transaction, the executive vice president now directly owns 258,981 shares in the company, valued at $18,252,980.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is owned by insiders.
Devon Energy Profile
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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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