Seven Eight Capital LP Has $591,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Seven Eight Capital LP cut its holdings in Devon Energy Co. (NYSE:DVN) by 75.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,771 shares of the energy company’s stock after selling 36,954 shares during the period. Seven Eight Capital LP’s holdings in Devon Energy were worth $591,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Devon Energy by 3.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock worth $227,290,000 after buying an additional 156,230 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.38 during trading on Wednesday, reaching $45.58. The company’s stock had a trading volume of 5,267,726 shares, compared to its average volume of 7,220,141. The business’s 50-day moving average price is $47.40 and its 200-day moving average price is $47.12. The firm has a market cap of $28.81 billion, a PE ratio of 8.77, a P/E/G ratio of 1.20 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. 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 (NYSE:DVN) last posted its quarterly earnings data 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 business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Devon Energy’s revenue was down 5.9% compared to the same quarter last year. Equities analysts forecast that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.93%. Devon Energy’s dividend payout ratio is 16.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on DVN shares. Truist Financial lowered their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, July 8th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Sanford C. Bernstein lowered their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Finally, Barclays started coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

Insider Buying and Selling

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

Devon Energy Company 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.