Leonteq Securities AG Cuts Position in Devon Energy Corporation $DVN

Leonteq Securities AG reduced its position in Devon Energy Corporation (NYSE:DVN) by 75.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,212 shares of the energy company’s stock after selling 25,573 shares during the period. Leonteq Securities AG’s holdings in Devon Energy were worth $413,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Woodline Partners LP raised its holdings in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new stake in Devon Energy during the second quarter worth approximately $403,000. Jump Financial LLC increased its position in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after acquiring an additional 8,127 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock opened at $40.44 on Monday. The company has a market capitalization of $25.13 billion, a PE ratio of 11.26 and a beta of 0.38. The firm has a fifty day simple moving average of $45.53 and a 200-day simple moving average of $43.66. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same period last year, the firm earned $0.82 EPS. The business’s quarterly revenue was down 14.5% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, June 15th. Devon Energy’s payout ratio is 35.65%.

Insider Activity

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred 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 sale, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock worth $5,258,059 over the last ninety days. Corporate insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. TD Cowen boosted their price objective on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday, March 17th. Capital One Financial decreased their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Finally, Roth Mkm reiterated a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.38.

Devon Energy Company Profile

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.