Caitong International Asset Management Co. Ltd Has $1.09 Million Holdings in Devon Energy Corporation $DVN

Caitong International Asset Management Co. Ltd cut its position in shares of Devon Energy Corporation (NYSE:DVN) by 34.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 26,415 shares of the energy company’s stock after selling 13,999 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Devon Energy were worth $1,091,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter worth approximately $25,000. JFS Wealth Advisors LLC raised its holdings in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $29,000. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy in the 4th quarter worth approximately $29,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Up 3.2%

Devon Energy stock opened at $45.83 on Friday. The firm has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $45.14. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 EPS. On average, research analysts predict that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is 30.40%.

Analyst Ratings Changes

Several equities analysts have weighed in on DVN shares. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Susquehanna increased their target price on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. UBS Group dropped their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, Morgan Stanley reduced their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy 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.