Devon Energy Corporation $DVN Position Cut by Howard Capital Management LLC

Howard Capital Management LLC decreased its position in Devon Energy Corporation (NYSE:DVN) by 94.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 7,124 shares of the energy company’s stock after selling 114,624 shares during the quarter. Howard Capital Management LLC’s holdings in Devon Energy were worth $328,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. BlackRock Inc. raised its holdings in Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. State Street Corp lifted its position in Devon Energy by 89.8% during the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares during the period. Wellington Management Group LLP boosted its stake in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Devon Energy in the 2nd quarter valued at about $421,226,000. Finally, GQG Partners LLC bought a new position in shares of Devon Energy in the 2nd quarter valued at about $402,558,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, CEO Clay Gaspar purchased 3,913 shares of the stock in a transaction dated Monday, September 14th. The stock was bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Up 2.9%

Shares of Devon Energy stock opened at $50.67 on Friday. The business has a fifty day simple moving average of $48.06 and a 200 day simple moving average of $46.32. The stock has a market cap of $55.74 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.34 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. 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 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. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The company’s quarterly revenue was up 73.1% on a year-over-year basis. Research analysts predict that Devon Energy Corporation will post 5.39 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Devon Energy’s dividend payout ratio is 30.40%.

Wall Street Analyst Weigh In

DVN has been the subject of several analyst reports. Citigroup lifted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Raymond James Financial increased their price objective on shares of Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a report on Monday, September 14th. The Goldman Sachs Group cut their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Stifel Nicolaus started coverage on shares of Devon Energy in a research note on Thursday, September 10th. They issued a “buy” rating and a $61.00 price objective on the stock. Finally, Seaport Research Partners assumed coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.72.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.