Institutional Advisor Gladstone Institutional Advisory LLC sold 57.7% of its stake in Devon Energy Co., as detailed in its recent filing with the US Securities and Exchange Commission (SEC). As a result of that transaction, the institutional investor now owns 34,959 shares of the energy company, from the 82,648 shares he previously owned.
A number of other institutional investors have also made changes to their positions in Devon Energy. Added by Hanseatic Management Services Inc. its holdings by 141.5% in the first quarter, while Healthcare Ontario Pension Plan Trust saw its holdings rise by 58,658.3%. ICA Group Wealth Management LLC and MAS Advisors LLC also increased their stakes in the company.
Devon Energy shares are currently trading at $52.66. The company has a market capitalization of $33.74 billion and a price-to-earnings ratio of 7.20. Its 50-day simple moving average is $50.83 and its 200-day simple moving average is $50.61.
Most recently, Devon Energy reported earnings of $1.18 per share for the quarter, in line with the consensus estimates. The company has a net margin of 28.10% and a return on equity of 37.89%. Despite a 38.6% decline in revenue compared to the same quarter last year, analysts expect the company to post earnings of $5.61 per share for the current fiscal year.
The company also declared a quarterly dividend of $0.49 per share, which will be paid on September 29. With a payout ratio of 10.94%, Devon Energy has an annual dividend yield of 3.72%.
Several Wall Street analysts have issued opinions on Devon Energy stock. Piper Sandler and Stifel Nicolaus rated the company “overweight,” while Mizuho and The Goldman Sachs Group rated it a “buy.” Evercore ISI lowered its price target to $50.00.
Devon Energy’s insider activity shows that Executive Vice President Dennis C. Cameron sold 7,870 shares of the company’s stock in August.
Devon Energy Corporation, headquartered in Oklahoma City, is an independent energy company that explores, develops and produces oil, natural gas and natural gas liquids in the United States.
