Devon Energy Co. (NYSE:DVN) Stake Reduced by Park Avenue Securities LLC

Park Avenue Securities LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,884 shares of the energy company’s stock after selling 481 shares during the period. Park Avenue Securities LLC’s holdings in Devon Energy were worth $596,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Sound Income Strategies LLC grew its position in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Devon Energy by 5.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after purchasing an additional 271 shares during the period. S. R. Schill & Associates lifted its holdings in shares of Devon Energy by 3.8% during the fourth quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock valued at $353,000 after purchasing an additional 282 shares during the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Devon Energy by 6.1% in the 3rd quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock valued at $238,000 after purchasing an additional 286 shares during the period. Finally, Blume Capital Management Inc. increased its stake in Devon Energy by 20.9% in the 4th quarter. Blume Capital Management Inc. now owns 1,735 shares of the energy company’s stock worth $79,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $47.02 on Friday. The stock has a market capitalization of $29.71 billion, a P/E ratio of 8.97, a P/E/G ratio of 1.25 and a beta of 2.08. The business has a 50-day moving average of $48.82 and a two-hundred day moving average of $46.87. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the company earned $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.27 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on DVN shares. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. Susquehanna raised their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Finally, Royal Bank of Canada upped their target price on Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Company Profile

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.