Sovereign s Capital Management LLC Sells 25,782 Shares of Devon Energy Corporation $DVN

Sovereign s Capital Management LLC decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 66.0% in the 4th quarter, HoldingsChannel reports. The firm owned 13,289 shares of the energy company’s stock after selling 25,782 shares during the quarter. Sovereign s Capital Management LLC’s holdings in Devon Energy were worth $487,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Woodline Partners LP lifted its holdings in shares of Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Devon Energy in the second quarter worth about $403,000. Jump Financial LLC lifted its holdings in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after acquiring an additional 8,127 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Devon Energy in a report on Monday, June 8th. They issued an “overweight” rating and a $62.00 target price for the company. Wolfe Research increased their target price on shares of Devon Energy from $64.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Royal Bank Of Canada increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. Finally, Morgan Stanley upped their target price on Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.44.

Devon Energy Stock Performance

Devon Energy stock opened at $42.88 on Wednesday. The business has a 50 day moving average of $46.79 and a 200-day moving average of $43.24. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $26.64 billion, a P/E ratio of 11.94 and a beta of 0.37.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the company earned $0.82 EPS. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post 4.88 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s payout ratio is currently 35.65%.

Insider Activity

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the 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 owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the 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 sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last quarter. 4.58% of the stock is owned by company insiders.

Devon Energy 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.