Devon Energy Corporation $DVN Holdings Cut by Resources Management Corp CT ADV

Resources Management Corp CT ADV decreased its stake in Devon Energy Corporation (NYSE:DVN) by 57.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,535 shares of the energy company’s stock after selling 13,083 shares during the quarter. Resources Management Corp CT ADV’s holdings in Devon Energy were worth $349,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Accredited Wealth Management LLC lifted its position in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares in the last quarter. Ameriflex Group Inc. lifted its position in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Devon Energy in the 3rd quarter worth approximately $31,000. Olistico Wealth LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $31,000. Finally, Elyxium Wealth LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DVN. Wolfe Research increased their target price on shares of Devon Energy from $64.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Scotiabank increased their target price on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a research note on Wednesday, June 10th. Sanford C. Bernstein lifted their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Finally, Citigroup lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $58.44.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on 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 transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last quarter. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

Shares of DVN opened at $43.49 on Tuesday. The company has a market capitalization of $27.02 billion, a PE ratio of 12.11 and a beta of 0.38. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company’s fifty day moving average price is $46.92 and its 200 day moving average price is $43.20.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. As a group, analysts expect that Devon Energy Corporation will post 4.73 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s payout ratio is 26.74%.

About Devon Energy

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.