Devon Energy (NYSE:DVN) EVP Jeffrey Ritenour Sells 70,029 Shares of Stock

Devon Energy Corporation (NYSE:DVN) EVP Jeffrey Ritenour sold 70,029 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Devon Energy Price Performance

DVN opened at $46.80 on Wednesday. The company has a fifty day simple moving average of $47.53 and a 200 day simple moving average of $41.13. The firm has a market cap of $29.08 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 0.71 and a beta of 0.43. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion for 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 for the quarter was down 14.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.82 earnings per share. Equities research analysts expect that Devon Energy Corporation will post 5.66 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is 26.74%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy in the 4th quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $26,000. Accredited Wealth Management LLC boosted its holdings in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares during the period. Ameriflex Group Inc. boosted its holdings in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after buying an additional 702 shares during the period. Finally, MV Capital Management Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DVN shares. Weiss Ratings raised shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Citigroup raised their price objective on shares of Devon Energy from $44.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. UBS Group decreased their price objective on shares of Devon Energy from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Sanford C. Bernstein raised their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Finally, Siebert Williams Shank raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $55.59.

About Devon Energy

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.