Quadrature Capital Ltd Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Quadrature Capital Ltd cut its holdings in Devon Energy Co. (NYSE:DVN) by 84.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,801 shares of the energy company’s stock after selling 104,847 shares during the quarter. Quadrature Capital Ltd’s holdings in Devon Energy were worth $943,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Good Life Advisors LLC raised its holdings in shares of Devon Energy by 19.9% in the fourth quarter. Good Life Advisors LLC now owns 5,791 shares of the energy company’s stock worth $262,000 after buying an additional 960 shares during the last quarter. Blue Trust Inc. raised its stake in Devon Energy by 12.5% in the 4th quarter. Blue Trust Inc. now owns 9,079 shares of the energy company’s stock worth $433,000 after acquiring an additional 1,012 shares during the last quarter. Realta Investment Advisors lifted its position in Devon Energy by 70.6% during the 4th quarter. Realta Investment Advisors now owns 8,048 shares of the energy company’s stock worth $365,000 after acquiring an additional 3,331 shares during the period. Fifth Third Bancorp grew its stake in Devon Energy by 5.9% during the 4th quarter. Fifth Third Bancorp now owns 22,859 shares of the energy company’s stock valued at $1,036,000 after purchasing an additional 1,272 shares during the last quarter. Finally, Harrell Investment Partners LLC increased its holdings in shares of Devon Energy by 6.1% in the fourth quarter. Harrell Investment Partners LLC now owns 96,442 shares of the energy company’s stock valued at $4,369,000 after purchasing an additional 5,511 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.73% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN traded up $0.06 during trading hours on Friday, reaching $46.34. 4,327,154 shares of the company’s stock were exchanged, compared to its average volume of 5,853,101. The firm has a market capitalization of $29.29 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 0.77 and a beta of 2.07. The company has a 50-day moving average of $47.19 and a 200 day moving average of $47.12. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm posted $1.46 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on DVN shares. Citigroup upped their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Susquehanna reaffirmed a “positive” rating and issued a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Mizuho raised their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Wolfe Research initiated coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company reduced their price objective on Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

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.