Devon Energy Co. (NYSE:DVN) Shares Sold by Saxon Interests Inc.

Saxon Interests Inc. reduced its stake in Devon Energy Co. (NYSE:DVN) by 3.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 19,818 shares of the energy company’s stock after selling 795 shares during the quarter. Saxon Interests Inc.’s holdings in Devon Energy were worth $994,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Manchester Capital Management LLC purchased a new position in shares of Devon Energy during the fourth quarter worth $28,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Rise Advisors LLC grew its position in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares in the last quarter. Jones Financial Companies Lllp grew its position in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares in the last quarter. Finally, PFS Partners LLC purchased a new stake in Devon Energy during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. Citigroup boosted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Scotiabank boosted their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. increased their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Stock Up 0.1 %

Shares of NYSE DVN traded up $0.04 during mid-day trading on Tuesday, reaching $47.77. The company had a trading volume of 4,781,235 shares, compared to its average volume of 7,326,062. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a market cap of $30.19 billion, a P/E ratio of 9.12, a PEG ratio of 1.25 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $48.55 and a two-hundred day simple moving average of $46.97.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Sell-side analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

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.