Healthcare of Ontario Pension Plan Trust Fund Sells 1,871,992 Shares of Devon Energy Corporation $DVN

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 98.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 38,973 shares of the energy company’s stock after selling 1,871,992 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Devon Energy were worth $1,961,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter valued at $25,000. SouthState Bank Corp lifted its stake in shares of Devon Energy by 173.6% during the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after purchasing an additional 486 shares during the last quarter. MV Capital Management Inc. purchased a new stake in shares of Devon Energy during the 4th quarter worth $29,000. Garton & Associates Financial Advisors LLC bought a new stake in Devon Energy during the fourth quarter valued at about $29,000. Finally, Steigerwald Gordon & Koch Inc. boosted its position in Devon Energy by 6,666.7% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock valued at $41,000 after purchasing an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent research reports. Truist Financial reduced their target price on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Raymond James Financial cut their price objective on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Jefferies Financial Group lifted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.56.

Devon Energy Price Performance

NYSE:DVN opened at $45.08 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a 50 day moving average price of $43.64 and a 200-day moving average price of $44.63. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The firm has a market cap of $28.01 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was 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 $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. Company insiders own 4.58% of the company’s stock.

Devon Energy 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.