Sovereign s Capital Management LLC Has $487,000 Stake in Devon Energy Corporation $DVN

Sovereign s Capital Management LLC trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 66.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,289 shares of the energy company’s stock after selling 25,782 shares during the period. Sovereign s Capital Management LLC’s holdings in Devon Energy were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wedge Capital Management L L P NC acquired a new position in shares of Devon Energy in the fourth quarter valued at $9,931,000. Investors Research Corp increased its holdings in shares of Devon Energy by 13,787.5% in the fourth 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 holdings in shares of Devon Energy by 43.8% in the fourth 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 position in shares of Devon Energy in the fourth quarter valued at $2,089,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were 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 owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last quarter. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Down 1.5%

Shares of Devon Energy stock opened at $42.88 on Wednesday. The firm has a 50-day moving average of $46.79 and a 200-day moving average of $43.24. The stock has a market cap of $26.64 billion, a PE ratio of 11.94 and a beta of 0.37. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.88 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Wall Street Analysts Forecast Growth

Several research firms have commented on DVN. Scotiabank upped their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Wells Fargo & Company upped their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Royal Bank Of Canada upped their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Raymond James Financial reduced their target price on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a research report on Monday. Finally, Barclays boosted their target price on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.