Virtu Financial LLC Acquires Shares of 44,256 Devon Energy Co. (NYSE:DVN)

Virtu Financial LLC bought a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, HoldingsChannel reports. The firm bought 44,256 shares of the energy company’s stock, valued at approximately $2,005,000.

Several other large investors have also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of Devon Energy by 5.0% in the third quarter. PNC Financial Services Group Inc. now owns 141,966 shares of the energy company’s stock valued at $6,772,000 after acquiring an additional 6,739 shares during the period. Aviva PLC raised its position in Devon Energy by 41.4% in the 3rd quarter. Aviva PLC now owns 332,859 shares of the energy company’s stock worth $15,877,000 after purchasing an additional 97,494 shares during the period. Kestra Advisory Services LLC lifted its stake in Devon Energy by 6.8% in the third quarter. Kestra Advisory Services LLC now owns 107,616 shares of the energy company’s stock worth $5,133,000 after purchasing an additional 6,850 shares during the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Devon Energy by 7.0% during the third quarter. Checchi Capital Advisers LLC now owns 6,509 shares of the energy company’s stock valued at $310,000 after buying an additional 424 shares during the period. Finally, Wealthsource Partners LLC grew its stake in shares of Devon Energy by 47.3% during the third quarter. Wealthsource Partners LLC now owns 7,219 shares of the energy company’s stock valued at $344,000 after buying an additional 2,319 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. Piper Sandler increased their price objective on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Finally, Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by insiders.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.15 during trading on Friday, hitting $45.56. The stock had a trading volume of 6,809,776 shares, compared to its average volume of 5,960,871. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market capitalization of $28.79 billion, a price-to-earnings ratio of 8.69 and a beta of 2.08. The stock has a 50-day simple moving average of $50.02 and a two-hundred day simple moving average of $46.75.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the company earned $1.46 EPS. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.93%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.