Truist Financial Corp Decreases Holdings in Devon Energy Corporation $DVN

Truist Financial Corp decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 37.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,609 shares of the energy company’s stock after selling 19,776 shares during the quarter. Truist Financial Corp’s holdings in Devon Energy were worth $1,069,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. SVB Wealth LLC increased its holdings in shares of Devon Energy by 4.1% during the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after buying an additional 321 shares during the last quarter. Whittier Trust Co. increased its holdings in Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock valued at $72,000 after purchasing an additional 377 shares in the last quarter. Callan Family Office LLC boosted its position in Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock valued at $396,000 after buying an additional 377 shares during the last quarter. Hager Investment Management Services LLC boosted its holdings in Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock valued at $158,000 after purchasing an additional 380 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in Devon Energy by 0.4% in the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock valued at $3,449,000 after purchasing an additional 386 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

Devon Energy Stock Performance

DVN opened at $32.54 on Monday. The business’s 50 day moving average is $34.53 and its 200-day moving average is $33.05. The stock has a market cap of $20.65 billion, a PE ratio of 7.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DVN shares. Evercore ISI increased their price target on Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a report on Monday, October 6th. Morgan Stanley increased their price target on shares of Devon Energy from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. JPMorgan Chase & Co. increased their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Tudor, Pickering, Holt & Co. raised their target price on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Devon Energy in a report on Wednesday, October 8th. Sixteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.81.

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.