Devon Energy Corporation $DVN Shares Sold by Hoertkorn Richard Charles

Hoertkorn Richard Charles cut its stake in Devon Energy Corporation (NYSE:DVN) by 46.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,185 shares of the energy company’s stock after selling 49,490 shares during the period. Devon Energy comprises about 2.4% of Hoertkorn Richard Charles’ holdings, making the stock its 14th largest holding. Hoertkorn Richard Charles’ holdings in Devon Energy were worth $2,878,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. Wedge Capital Management L L P NC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $9,931,000. Investors Research Corp increased its position in shares of Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after purchasing an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC increased its position in shares of Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $2,089,000. Finally, LSV Asset Management raised its holdings in shares of Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 2.0%

NYSE DVN opened at $43.27 on Thursday. The firm’s fifty day moving average price is $45.16 and its 200 day moving average price is $43.79. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $26.89 billion, a price-to-earnings ratio of 12.05 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period last year, the firm earned $0.82 earnings per share. Devon Energy’s revenue was down 14.5% on a year-over-year basis. On average, sell-side analysts expect that Devon Energy Corporation will post 4.81 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s payout ratio is presently 35.65%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DVN. Capital One Financial lowered their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. TD Cowen raised their price target on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, March 17th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Finally, Mizuho raised their target price on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.76.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the business’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 completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company’s stock.

About Devon Energy

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.