Securian Asset Management Inc. Sells 13,600 Shares of Devon Energy Corporation $DVN

Securian Asset Management Inc. lowered its holdings in Devon Energy Corporation (NYSE:DVN) by 44.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,057 shares of the energy company’s stock after selling 13,600 shares during the quarter. Securian Asset Management Inc.’s holdings in Devon Energy were worth $625,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Plato Investment Management Ltd bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $733,000. NewEdge Wealth LLC bought a new position in shares of Devon Energy during the fourth quarter valued at about $14,640,000. Denali Advisors LLC lifted its position in shares of Devon Energy by 33.4% during the fourth quarter. Denali Advisors LLC now owns 11,392 shares of the energy company’s stock valued at $417,000 after purchasing an additional 2,855 shares in the last quarter. Chesapeake Capital Corp IL purchased a new position in Devon Energy during the fourth quarter worth about $545,000. Finally, Ballentine Partners LLC grew its position in Devon Energy by 5.6% in the 4th quarter. Ballentine Partners LLC now owns 10,754 shares of the energy company’s stock worth $394,000 after purchasing an additional 568 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value 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. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.71% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $47.25 on Friday. The firm has a market cap of $29.36 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 0.75 and a beta of 0.43. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $47.63 and its 200-day moving average is $41.32. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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 return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the business posted $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. Sell-side analysts predict that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DVN shares. Susquehanna boosted their target price on Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research note on Tuesday, April 21st. Truist Financial assumed coverage on Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 price target for the company. Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Argus upped their price objective on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.78.

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.