New England Research & Management Inc. Trims Holdings in Devon Energy Co. (NYSE:DVN)

New England Research & Management Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,125 shares of the energy company’s stock after selling 350 shares during the quarter. New England Research & Management Inc.’s holdings in Devon Energy were worth $207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Acadian Asset Management LLC increased its holdings in Devon Energy by 66.9% in the 3rd quarter. Acadian Asset Management LLC now owns 15,508 shares of the energy company’s stock worth $738,000 after acquiring an additional 6,215 shares in the last quarter. Natixis Advisors L.P. grew its holdings in Devon Energy by 18.1% during the 3rd quarter. Natixis Advisors L.P. now owns 167,612 shares of the energy company’s stock valued at $7,995,000 after buying an additional 25,742 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Devon Energy by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 302,806 shares of the energy company’s stock valued at $14,444,000 after buying an additional 1,502 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Devon Energy by 62.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 30,608 shares of the energy company’s stock valued at $1,460,000 after buying an additional 11,742 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in Devon Energy by 1,461.2% during the 3rd quarter. Bank of Nova Scotia now owns 741,685 shares of the energy company’s stock valued at $35,378,000 after buying an additional 694,179 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research analyst reports. Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective for the company. Stifel Nicolaus increased their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. JPMorgan Chase & Co. increased their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Mizuho increased their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Stock Up 0.8 %

Shares of DVN opened at $47.40 on Friday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a market cap of $29.96 billion, a PE ratio of 9.05, a P/E/G ratio of 1.24 and a beta of 2.08. The business has a fifty day moving average of $48.73 and a 200 day moving average of $46.91. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released 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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

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

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on 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 sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Devon Energy 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.