Chapin Davis Inc. Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Chapin Davis Inc. cut its holdings in Devon Energy Co. (NYSE:DVN) by 19.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,329 shares of the energy company’s stock after selling 3,000 shares during the period. Chapin Davis Inc.’s holdings in Devon Energy were worth $619,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $28,000. Sound Income Strategies LLC lifted its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Rise Advisors LLC increased its stake in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the last quarter. Finally, PFS Partners LLC bought a new stake in Devon Energy in the 4th quarter worth approximately $36,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is currently owned by insiders.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.37 on Monday, hitting $47.77. The stock had a trading volume of 335,794 shares, compared to its average volume of 7,313,260. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market cap of $30.19 billion, a price-to-earnings ratio of 9.05, a P/E/G ratio of 1.25 and a beta of 2.07. The company’s 50 day moving average price is $48.73 and its 200 day moving average price is $46.93.

Devon Energy (NYSE:DVN) last issued its quarterly 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. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. On average, research analysts anticipate 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. Shareholders of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, June 18th. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.