Oak Thistle LLC Sells 36,381 Shares of Devon Energy Co. (NYSE:DVN)

Oak Thistle LLC lessened its position in Devon Energy Co. (NYSE:DVN) by 86.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,506 shares of the energy company’s stock after selling 36,381 shares during the quarter. Oak Thistle LLC’s holdings in Devon Energy were worth $276,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC bought a new stake in Devon Energy during the 4th quarter valued at about $28,000. Sound Income Strategies LLC increased its position 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 purchasing an additional 255 shares during the period. Rise Advisors LLC increased its position in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. Finally, PFS Partners LLC purchased a new position in Devon Energy during the 4th quarter valued at about $36,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Mizuho raised their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Royal Bank of Canada lifted their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. Citigroup lifted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Susquehanna lifted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Price Performance

NYSE DVN traded up $0.33 on Monday, hitting $47.73. The company had a trading volume of 4,480,861 shares, compared to its average volume of 7,346,412. The company has a market capitalization of $30.17 billion, a PE ratio of 9.11, a PEG ratio of 1.25 and a beta of 2.07. The company’s fifty day moving average price is $48.64 and its 200-day moving average price is $46.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’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 EPS. As a group, analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 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.