Devon Energy Co. (NYSE:DVN) Stake Lessened by Simmons Bank

Simmons Bank decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,415 shares of the energy company’s stock after selling 2,032 shares during the quarter. Simmons Bank’s holdings in Devon Energy were worth $789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Pacer Advisors Inc. grew its stake in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Devon Energy in the 3rd quarter worth approximately $113,793,000. Morgan Stanley boosted its stake in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Devon Energy by 61.0% in the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock worth $127,539,000 after acquiring an additional 1,013,353 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.43 during trading on Wednesday, hitting $50.55. 3,891,198 shares of the stock were exchanged, compared to its average volume of 7,799,599. The company has a market capitalization of $31.95 billion, a price-to-earnings ratio of 9.73 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company’s fifty day simple moving average is $49.89 and its 200-day simple moving average is $46.28.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the company earned $1.46 earnings per share. The business’s revenue was down 5.9% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on DVN. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Susquehanna increased their price objective on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Finally, Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.