Russell Investments Group Ltd. Sells 22,338 Shares of Devon Energy Corporation $DVN

Russell Investments Group Ltd. cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 1.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,006,827 shares of the energy company’s stock after selling 22,338 shares during the quarter. Russell Investments Group Ltd. owned 0.18% of Devon Energy worth $92,417,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of DVN. Maryland State Retirement & Pension System lifted its position in Devon Energy by 16.5% in the 3rd quarter. Maryland State Retirement & Pension System now owns 69,135 shares of the energy company’s stock worth $3,183,000 after buying an additional 9,783 shares in the last quarter. Joel Isaacson & Co. LLC acquired a new position in shares of Devon Energy in the third quarter worth $272,000. Jefferies Financial Group Inc. increased its stake in shares of Devon Energy by 229.6% in the third quarter. Jefferies Financial Group Inc. now owns 680,720 shares of the energy company’s stock worth $31,340,000 after acquiring an additional 474,219 shares during the last quarter. First Command Advisory Services Inc. raised its holdings in shares of Devon Energy by 256.9% during the third quarter. First Command Advisory Services Inc. now owns 4,793 shares of the energy company’s stock worth $221,000 after acquiring an additional 3,450 shares in the last quarter. Finally, DSG Capital Advisors LLC raised its holdings in shares of Devon Energy by 1.0% during the third quarter. DSG Capital Advisors LLC now owns 95,857 shares of the energy company’s stock worth $4,413,000 after acquiring an additional 953 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. The trade was a 8.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Devon Energy from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, November 9th. Susquehanna cut their price target on Devon Energy from $63.00 to $60.00 and set a “positive” rating for the company in a research note on Monday, November 9th. Argus reaffirmed a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research note on Monday, August 17th. Stifel Nicolaus assumed coverage on Devon Energy in a report on Thursday, September 10th. They set a “buy” rating and a $61.00 price target for the company. Finally, Seaport Research Partners initiated coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.72.

Latest Devon Energy News

These are some of the DVN news items that stood out recently:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Neutral Sentiment: Citigroup cut its target to $60 from $67 but kept a “buy” rating; the lower target tempers its continued bullish stance. Citigroup recommendations
• Negative Sentiment: UBS issued a pessimistic forecast for Devon Energy, adding to the cautious analyst outlook; the report summary provided no target or forecast details. UBS forecast report

Devon Energy Stock Up 0.7%

Shares of DVN stock traded up $0.34 on Friday, hitting $46.57. The company’s stock had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. Devon Energy Corporation has a fifty-two week low of $34.23 and a fifty-two week high of $52.71. The firm’s fifty day moving average price is $48.26 and its 200-day moving average price is $46.20. The stock has a market capitalization of $53.08 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 1.04 and a beta of 0.43.

Devon Energy (NYSE:DVN) last posted its earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same period in the prior year, the business posted $1.04 earnings per share. The business’s quarterly revenue was up 66.5% on a year-over-year basis. Research analysts anticipate that Devon Energy Corporation will post 5.56 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Devon Energy’s dividend payout ratio (DPR) is currently 32.00%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.