Devon Energy Corporation $DVN Stake Lessened by Resources Management Corp CT ADV

Resources Management Corp CT ADV cut its stake in Devon Energy Corporation (NYSE:DVN) by 57.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,535 shares of the energy company’s stock after selling 13,083 shares during the period. Resources Management Corp CT ADV’s holdings in Devon Energy were worth $349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. MML Investors Services LLC boosted its holdings in shares of Devon Energy by 2.1% in the fourth quarter. MML Investors Services LLC now owns 62,397 shares of the energy company’s stock valued at $2,286,000 after acquiring an additional 1,266 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Devon Energy by 39.6% in the fourth quarter. Focus Partners Wealth now owns 265,669 shares of the energy company’s stock valued at $9,691,000 after acquiring an additional 75,384 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Devon Energy by 131.6% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,910,965 shares of the energy company’s stock valued at $69,999,000 after acquiring an additional 1,085,836 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $111,000. Finally, Dockside LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $1,027,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 4.0%

Shares of NYSE:DVN opened at $43.49 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market cap of $27.02 billion, a PE ratio of 12.11 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71. The firm has a 50 day simple moving average of $46.92 and a 200 day simple moving average of $43.20.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $0.82 EPS. As a group, research analysts expect that Devon Energy Corporation will post 4.73 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s payout ratio is currently 26.74%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Wednesday, June 10th. Mizuho increased their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Capital One Financial reduced their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Finally, TD Cowen raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Insider Activity at Devon Energy

In related news, 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 value of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on 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 sale, the senior vice president 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is 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.