Baxter Bros Inc. Lowers Stock Holdings in Devon Energy Corporation $DVN

Baxter Bros Inc. reduced its stake in Devon Energy Corporation (NYSE:DVN) by 2.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,745 shares of the energy company’s stock after selling 495 shares during the quarter. Baxter Bros Inc.’s holdings in Devon Energy were worth $564,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Devon Energy in the second quarter valued at approximately $25,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy in the first quarter valued at approximately $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the first quarter valued at approximately $26,000. Trust Co. of Vermont boosted its stake in shares of Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after buying an additional 666 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after buying an additional 405 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.71% of the company’s stock.

Devon Energy Stock Performance

Devon Energy stock opened at $34.97 on Thursday. The stock has a fifty day moving average price of $34.49 and a 200 day moving average price of $33.15. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $22.20 billion, a P/E ratio of 7.84, a PEG ratio of 2.04 and a beta of 1.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s payout ratio is 21.52%.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research analyst reports. UBS Group boosted their target price on Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. BMO Capital Markets boosted their target price on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. Bernstein Bank decreased their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. Morgan Stanley boosted their price target on Devon Energy from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, Mizuho cut their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.48.

About Devon Energy

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.