Integrated Advisors Network LLC, an institutional investor, recently sold 22.9% of its stake in Devon Energy Co. during the second quarter. The investor now owns 17,387 shares of the energy company’s stock, a decrease of 5,152 shares from the previous period. At the end of the quarter, these holdings were valued at $840,000.
Other institutional investors have also made changes to their positions in Devon Energy. Simplicity Solutions LLC increased its position in the energy company by 247.3% during the first quarter, now owning 30,114 shares worth $1,524,000. ProShare Advisors LLC raised its stake in Devon Energy by 9.8%, owning 183,900 shares worth $9,307,000. Clear Creek Financial Management LLC increased its stake by 6.7%, owning 8,656 shares worth $438,000. VitalStone Financial LLC increased its stake by 615.7%, owning 30,632 shares worth $1,354,000. Finally, Aviva PLC raised its stake in Devon Energy by 23.4%, owning 368,272 shares valued at $16,394,000.
Wall Street analysts have predicted growth for Devon Energy. StockNews.com upgraded the company’s rating from “sell” to “hold”. Royal Bank of Canada reduced their price target for Devon Energy from $63.00 to $60.00, giving the stock a “sector perform” rating. Mizuho increased their target price from $60.00 to $62.00, rating the stock as a “buy”. Citigroup reduced their target price from $57.00 to $55.00, rating the stock as a “buy”. UBS Group raised their target price from $53.00 to $55.00, giving the stock a “neutral” rating. Overall, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $63.22.
In other news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock, valued at $402,393.10. Following this transaction, the executive vice president now holds 210,548 shares in the company, worth approximately $10,765,319.24. Insider transactions account for 0.63% of the company’s stock.
Shares of Devon Energy on the NYSE opened at $46.59. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90, and a current ratio of 0.98. Devon Energy has a 1-year low of $44.03 and a 1-year high of $78.82. The stock has a market capitalization of $29.85 billion, a P/E ratio of 6.37, and a beta of 2.34. The stock has a 50-day simple moving average of $50.82 and a 200-day simple moving average of $50.23.
Devon Energy reported earnings of $1.18 per share for the most recent quarter, meeting analyst estimates. The company had a return on equity of 37.89% and a net margin of 28.10%. Revenue for the quarter was $3.45 billion, surpassing analysts’ expectations of $3.26 billion. However, it was down 38.6% compared to the same quarter the previous year. Analysts predict that Devon Energy will post earnings per share of 5.6 for the current year.
Devon Energy recently announced a quarterly dividend of $0.49 per share. The dividend will be paid on September 29th to stockholders of record on September 15th. This represents an annualized dividend of $1.96 and a dividend yield of 4.21%. The ex-dividend date is September 14th. The company’s current payout ratio is 10.94%.
Devon Energy Corporation is an independent energy company based in the United States. It explores for, develops, and produces oil, natural gas, and natural gas liquids. The company operates in various regions including Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. Devon Energy was incorporated in 1971 and has its headquarters in Oklahoma City, Oklahoma.
Sources:
– SEC 13F Filing
– Simplicity Solutions LLC Report
– ProShare Advisors LLC Report
– Clear Creek Financial Management LLC Report
– VitalStone Financial LLC Report
– Aviva PLC Report
– StockNews.com Report
– Royal Bank of Canada Research Note
– Mizuho Research Note
– Citigroup Research Note
– UBS Group Research Note
– SEC Insider Transaction
– MarketBeat
– MarketBeat’s Editorial Team
Note: URLs have been removed.
