Courier Capital LLC Reduces Position in Devon Energy Co. (NYSE:DVN)

Courier Capital LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,215 shares of the energy company’s stock after selling 659 shares during the period. Courier Capital LLC’s holdings in Devon Energy were worth $864,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Creekmur Asset Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $791,000. Wahed Invest LLC boosted its holdings in shares of Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Devon Energy by 39.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after purchasing an additional 55,459 shares during the period. L. Roy Papp & Associates LLP purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $287,000. Finally, Principal Securities Inc. purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $702,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.73% of the stock is owned by insiders.

Devon Energy Price Performance

NYSE DVN opened at $47.41 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock’s fifty day moving average price is $48.73 and its 200 day moving average price is $46.89. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a market cap of $29.96 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 1.23 and a beta of 2.08.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the firm earned $1.46 EPS. The firm’s revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.86%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. UBS Group boosted their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Royal Bank of Canada upped their target price on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, May 9th. Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Truist Financial lowered their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.24.

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.