Pacer Advisors Inc. Trims Stock Position in Devon Energy Corporation $DVN

Pacer Advisors Inc. lessened its stake in Devon Energy Corporation (NYSE:DVN) by 16.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,323,894 shares of the energy company’s stock after selling 1,063,027 shares during the period. Pacer Advisors Inc. owned 0.86% of Devon Energy worth $267,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the fourth quarter worth approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Elyxium Wealth LLC purchased a new position in shares of Devon Energy during the fourth quarter worth approximately $31,000. Finally, DV Equities LLC purchased a new position in shares of Devon Energy during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on DVN shares. Wells Fargo & Company lifted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. The Goldman Sachs Group decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Raymond James Financial reduced their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Price Performance

Shares of DVN opened at $45.08 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $43.64 and its two-hundred day moving average is $44.69. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market capitalization of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. Research analysts anticipate that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is 35.65%.

Insider Activity

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,371 shares of company stock worth $5,258,059 in the last 90 days. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.