Baxter Bros Inc. Decreases Position in Devon Energy Corporation $DVN

Baxter Bros Inc. decreased its stake in Devon Energy Corporation (NYSE:DVN) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,745 shares of the energy company’s stock after selling 495 shares during the period. Baxter Bros Inc.’s holdings in Devon Energy were worth $564,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of DVN. Ameriprise Financial Inc. boosted its holdings in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Nuveen LLC purchased a new position in Devon Energy in the first quarter valued at about $69,975,000. AQR Capital Management LLC boosted its holdings in Devon Energy by 100.0% in the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock valued at $132,051,000 after purchasing an additional 1,779,382 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Devon Energy by 530.3% in the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company’s stock valued at $77,323,000 after purchasing an additional 1,739,436 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

Devon Energy Stock Down 0.1%

DVN opened at $34.97 on Thursday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a market cap of $22.20 billion, a P/E ratio of 7.84, a P/E/G ratio of 2.04 and a beta of 1.03. The stock’s 50 day moving average price is $34.49 and its 200 day moving average price is $33.15.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $1.41 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Analyst Upgrades and Downgrades

DVN has been the topic of several research reports. UBS Group upped their price objective on Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. upped their price objective on Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Raymond James Financial restated an “outperform” rating and set a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Bernstein Bank cut their price objective on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Monday, July 7th. Finally, Mizuho dropped their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.48.

About Devon Energy

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.