New York Life Investment Management LLC Trims Position in Devon Energy Corporation $DVN

New York Life Investment Management LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 0.6% during the second quarter, HoldingsChannel reports. The firm owned 87,208 shares of the energy company’s stock after selling 505 shares during the quarter. New York Life Investment Management LLC’s holdings in Devon Energy were worth $2,774,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. SVB Wealth LLC raised its position in shares of Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after buying an additional 321 shares during the period. Yousif Capital Management LLC raised its position in shares of Devon Energy by 0.4% in the 2nd quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after buying an additional 321 shares during the period. MAS Advisors LLC raised its position in shares of Devon Energy by 4.3% in the 2nd quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after buying an additional 327 shares during the period. Whittier Trust Co. raised its position in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after buying an additional 377 shares during the period. Finally, Callan Family Office LLC raised its position in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after buying an additional 377 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.1%

NYSE:DVN opened at $32.01 on Friday. The business’s 50-day moving average is $34.32 and its two-hundred day moving average is $33.11. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $40.54. The firm has a market capitalization of $20.32 billion, a PE ratio of 7.18, a price-to-earnings-growth ratio of 2.49 and a beta of 1.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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 return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company posted $1.41 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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

Analyst Ratings Changes

Several brokerages recently weighed in on DVN. Wells Fargo & Company cut their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research report on Wednesday, October 8th. BMO Capital Markets increased their target price on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. Finally, Evercore ISI increased their target price on Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.14.

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 dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is owned by corporate insiders.

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.