Howard Capital Management LLC Sells 114,624 Shares of Devon Energy Corporation $DVN

Howard Capital Management LLC trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 94.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,124 shares of the energy company’s stock after selling 114,624 shares during the quarter. Howard Capital Management LLC’s holdings in Devon Energy were worth $328,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of DVN. Goelzer Investment Management Inc. raised its stake in shares of Devon Energy by 1.8% in the third quarter. Goelzer Investment Management Inc. now owns 30,611 shares of the energy company’s stock valued at $1,409,000 after acquiring an additional 548 shares during the last quarter. Annex Advisory Services LLC acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $911,000. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Devon Energy by 2.2% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 295,754 shares of the energy company’s stock worth $13,617,000 after acquiring an additional 6,341 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Devon Energy by 10.3% in the 3rd quarter. V Square Quantitative Management LLC now owns 11,878 shares of the energy company’s stock worth $547,000 after acquiring an additional 1,110 shares in the last quarter. Finally, Saxony Capital Management LLC grew its position in Devon Energy by 45.1% during the 3rd quarter. Saxony Capital Management LLC now owns 7,741 shares of the energy company’s stock worth $356,000 after acquiring an additional 2,406 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent analyst reports. Weiss Ratings raised Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Wells Fargo & Company cut their price objective on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Monday, September 28th. BMO Capital Markets reissued an “outperform” rating and issued a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Raymond James Financial boosted their price objective on Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Finally, Scotiabank assumed coverage on Devon Energy in a report on Wednesday. They set a “sector outperform” rating and a $61.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $60.72.

Insider Buying and Selling

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, 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. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Clay M. Gaspar acquired 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 2.9%

DVN opened at $50.67 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $55.74 billion, a PE ratio of 12.04, a PEG ratio of 1.34 and a beta of 0.49. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The firm has a 50-day moving average price of $48.06 and a two-hundred day moving average price of $46.32.

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

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

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 operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.