SIR Capital Management L.P. decreased its position in Devon Energy Corporation (NYSE:DVN – Free Report) by 65.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 505,745 shares of the energy company’s stock after selling 954,007 shares during the quarter. Devon Energy accounts for about 2.0% of SIR Capital Management L.P.’s investment portfolio, making the stock its 16th largest holding. SIR Capital Management L.P.’s holdings in Devon Energy were worth $18,525,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of DVN. TD Private Client Wealth LLC lifted its stake in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after buying an additional 236 shares during the last quarter. Catalyst Financial Partners LLC lifted its stake in Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after buying an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after buying an additional 257 shares during the last quarter. Zions Bancorporation National Association UT lifted its stake in Devon Energy by 7.9% in the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after buying an additional 258 shares during the last quarter. Finally, Murphy Pohlad Asset Management LLC lifted its stake in Devon Energy by 0.3% in the fourth quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock valued at $4,159,000 after buying an additional 295 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on DVN. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday. Jefferies Financial Group raised their target price on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Sanford C. Bernstein raised their target price on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.67.
Insider Activity at Devon Energy
In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The shares were 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. The trade was a 11.50% decrease in their ownership of the stock. The sale 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 Devon Energy 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 in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last ninety days. 4.58% of the stock is currently owned by corporate insiders.
Devon Energy Price Performance
Shares of NYSE DVN opened at $45.26 on Friday. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71. The firm’s 50-day simple moving average is $47.04 and its 200 day simple moving average is $43.09. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.13 billion, a P/E ratio of 12.61 and a beta of 0.37.
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share 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 company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts expect that Devon Energy Corporation will post 4.72 EPS for the current year.
Devon Energy Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 26.74%.
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.
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