Independence Bank of Kentucky Has $220,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Independence Bank of Kentucky lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 26.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,390 shares of the energy company’s stock after selling 1,565 shares during the period. Independence Bank of Kentucky’s holdings in Devon Energy were worth $220,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Creekmur Asset Management LLC acquired a new position in shares of Devon Energy during the 4th quarter worth $791,000. Wahed Invest LLC raised its holdings in shares of Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Devon Energy by 39.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after buying an additional 55,459 shares in the last quarter. L. Roy Papp & Associates LLP acquired a new position in Devon Energy in the 4th quarter worth about $287,000. Finally, Principal Securities Inc. acquired a new position in Devon Energy in the 4th quarter worth about $702,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on DVN shares. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday, June 18th. Truist Financial lowered their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Finally, JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $59.24.

Devon Energy Trading Up 0.8 %

Shares of Devon Energy stock traded up $0.39 on Friday, hitting $47.40. 7,931,385 shares of the company’s stock traded hands, compared to its average volume of 6,491,859. The company has a market capitalization of $29.96 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 1.24 and a beta of 2.08. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a fifty day moving average of $48.73 and a two-hundred day moving average of $46.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 earnings per share. As a group, sell-side analysts expect that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 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.