Private Advisor Group LLC Cuts Stake in Devon Energy Corporation $DVN

Private Advisor Group LLC cut its stake in shares of Devon Energy Corporation (NYSE:DVN) by 33.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 69,800 shares of the energy company’s stock after selling 34,793 shares during the period. Private Advisor Group LLC’s holdings in Devon Energy were worth $3,512,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DVN. Wedge Capital Management L L P NC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $9,931,000. Investors Research Corp lifted its position in Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after acquiring an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC boosted its stake in Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC purchased a new stake in Devon Energy during the 4th quarter valued at $2,089,000. Finally, LSV Asset Management increased its holdings in shares of Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on 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 sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Roth Capital reaffirmed a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Raymond James Financial dropped their price target on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating on the stock in a report on Monday, June 15th. Finally, Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.76.

Devon Energy Stock Performance

DVN stock opened at $43.27 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The company has a market cap of $26.89 billion, a P/E ratio of 12.05 and a beta of 0.38. The stock’s fifty day moving average price is $45.16 and its 200-day moving average price is $43.79.

Devon Energy (NYSE:DVN) last posted its 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). The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 EPS. On average, equities analysts forecast that Devon Energy Corporation will post 4.81 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy’s payout ratio is 35.65%.

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.