Crossmark Global Holdings Inc. Boosts Stock Position in Devon Energy Corporation $DVN

Crossmark Global Holdings Inc. raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 93.0% in the second quarter, Holdings Channel reports. The institutional investor owned 41,906 shares of the energy company’s stock after buying an additional 20,190 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Devon Energy were worth $1,732,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy in the fourth quarter worth $25,000. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. MV Capital Management Inc. bought a new position in Devon Energy in the 4th quarter worth about $29,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the 2nd quarter worth about $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy during the 4th quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Trading Down 0.8%

NYSE:DVN opened at $44.48 on Friday. The company has a market cap of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $43.37 and a two-hundred day simple moving average of $45.13. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company’s revenue was up 73.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 EPS. Research analysts forecast that Devon Energy Corporation will post 4.95 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Capital One Financial cut their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, Citigroup upped their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Company 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.