SPC Financial Inc. Has $302,000 Position in Devon Energy Corporation $DVN

SPC Financial Inc. lowered its position in Devon Energy Corporation (NYSE:DVN) by 34.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,479 shares of the energy company’s stock after selling 4,931 shares during the quarter. SPC Financial Inc.’s holdings in Devon Energy were worth $302,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in shares of Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock worth $10,210,000 after buying an additional 26,519 shares during the last quarter. Autumn Glory Partners LLC lifted its stake in shares of Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock worth $1,547,000 after buying an additional 20,000 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy during the 1st quarter worth about $2,524,000. Praxis Investment Management Inc. lifted its stake in shares of Devon Energy by 41.8% during the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock worth $1,758,000 after buying an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Devon Energy by 38.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company’s stock worth $31,850,000 after buying an additional 236,624 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $32.54 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The firm has a market cap of $20.65 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.89 and a beta of 1.03. The company’s 50-day moving average price is $34.53 and its two-hundred day moving average price is $33.05.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the firm earned $1.41 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on DVN shares. Mizuho cut their target price on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Tudor, Pickering, Holt & Co. raised their target price on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Bernstein Bank cut their target price on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. Raymond James Financial reaffirmed an “outperform” rating and set a $45.00 price target (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Thursday. Sixteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $43.81.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.