Ellis Investment Partners LLC Sells 28,599 Shares of Devon Energy Corporation $DVN

Ellis Investment Partners LLC lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 73.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,275 shares of the energy company’s stock after selling 28,599 shares during the period. Ellis Investment Partners LLC’s holdings in Devon Energy were worth $473,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capstone Capital Management Ltd grew its stake in shares of Devon Energy by 12.8% in the third quarter. Capstone Capital Management Ltd now owns 21,272 shares of the energy company’s stock worth $979,000 after purchasing an additional 2,412 shares during the last quarter. Physician Wealth Advisors Inc. raised its position in Devon Energy by 32.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company’s stock valued at $49,000 after purchasing an additional 260 shares during the last quarter. Uncommon Cents Investing Inc raised its position in Devon Energy by 8.9% during the 3rd quarter. Uncommon Cents Investing Inc now owns 12,232 shares of the energy company’s stock valued at $563,000 after purchasing an additional 1,000 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Devon Energy by 2.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 496,008 shares of the energy company’s stock worth $22,836,000 after buying an additional 10,550 shares during the period. Finally, Diversify Advisory Services LLC purchased a new stake in Devon Energy in the 3rd quarter worth approximately $497,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In related news, CEO Clay Gaspar purchased 3,913 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.8%

Shares of DVN stock traded down $0.42 during mid-day trading on Wednesday, reaching $49.96. 4,901,765 shares of the company’s stock traded hands, compared to its average volume of 12,946,251. Devon Energy Corporation has a 12 month low of $31.65 and a 12 month high of $52.71. The company has a market cap of $54.96 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.35 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $48.27 and its 200-day moving average price is $46.30.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, equities analysts expect that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Truist Financial cut their target price on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. BMO Capital Markets reiterated an “outperform” rating and set a $67.00 price target on shares of Devon Energy in a research report on Tuesday, October 6th. Finally, Scotiabank initiated coverage on Devon Energy in a research report on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.72.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.