Devon Energy Corporation $DVN Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its holdings in Devon Energy Corporation (NYSE:DVN) by 18.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 113,648 shares of the energy company’s stock after selling 26,060 shares during the period. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $4,250,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock valued at $10,210,000 after purchasing an additional 26,519 shares during the period. Merit Financial Group LLC grew its holdings in Devon Energy by 209.5% in the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock valued at $848,000 after purchasing an additional 15,351 shares during the period. Autumn Glory Partners LLC grew its holdings in Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock valued at $1,547,000 after purchasing an additional 20,000 shares during the period. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy in the first quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. boosted its stake in shares of Devon Energy by 41.8% in the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock worth $1,758,000 after acquiring an additional 13,860 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE DVN opened at $34.77 on Friday. The stock’s fifty day moving average is $33.70 and its two-hundred day moving average is $33.24. The firm has a market capitalization of $22.07 billion, a P/E ratio of 7.80, a price-to-earnings-growth ratio of 2.05 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 earnings per share. On average, research analysts anticipate 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 will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s payout ratio is currently 21.52%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DVN. Morgan Stanley lifted their price target on Devon Energy from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. BMO Capital Markets lifted their price target on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Bernstein Bank lowered their price target 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. Barclays lifted their price target on Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price target (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $44.15.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction 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 owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.71% of the stock is owned by corporate insiders.

Devon Energy Company Profile

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.