Devon Energy Corporation $DVN Shares Sold by Hoertkorn Richard Charles

Hoertkorn Richard Charles reduced its stake in Devon Energy Corporation (NYSE:DVN) by 46.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,185 shares of the energy company’s stock after selling 49,490 shares during the quarter. Devon Energy makes up approximately 2.4% of Hoertkorn Richard Charles’ investment portfolio, making the stock its 14th largest position. Hoertkorn Richard Charles’ holdings in Devon Energy were worth $2,878,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Greenwood Capital Associates LLC grew its holdings in shares of Devon Energy by 11.5% in the first quarter. Greenwood Capital Associates LLC now owns 99,117 shares of the energy company’s stock valued at $4,988,000 after purchasing an additional 10,246 shares during the period. Lmcg Investments LLC boosted its holdings in Devon Energy by 12.2% in the 1st quarter. Lmcg Investments LLC now owns 63,206 shares of the energy company’s stock valued at $3,181,000 after purchasing an additional 6,858 shares during the last quarter. Bank of Stockton boosted its holdings in Devon Energy by 40.0% in the 1st quarter. Bank of Stockton now owns 15,078 shares of the energy company’s stock valued at $759,000 after purchasing an additional 4,307 shares during the last quarter. Burney Co. purchased a new stake in shares of Devon Energy in the 1st quarter valued at approximately $268,000. Finally, Greatmark Investment Partners Inc. grew its stake in shares of Devon Energy by 1.0% in the 1st quarter. Greatmark Investment Partners Inc. now owns 594,295 shares of the energy company’s stock valued at $29,905,000 after buying an additional 5,720 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on DVN shares. Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Argus increased their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. The Goldman Sachs Group cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Susquehanna lifted their target price on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research report on Tuesday, April 21st. Finally, UBS Group decreased their price target on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $59.76.

Insider Activity at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,371 shares of company stock worth $5,258,059 in the last three months. 4.58% of the stock is owned by company insiders.

Devon Energy Stock Performance

NYSE:DVN opened at $43.27 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a market capitalization of $26.89 billion, a P/E ratio of 12.05 and a beta of 0.38. The company has a 50 day moving average price of $45.16 and a 200 day moving average price of $43.79. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the previous year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.81 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Devon Energy 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.