Adirondack Trust Co. Trims Position in Devon Energy Co. (NYSE:DVN)

Adirondack Trust Co. decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 47.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 2,757 shares of the energy company’s stock after selling 2,492 shares during the period. Adirondack Trust Co.’s holdings in Devon Energy were worth $121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Pacer Advisors Inc. raised its stake in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. Morgan Stanley raised its stake in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the period. International Assets Investment Management LLC raised its stake in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Devon Energy by 61.0% in the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.73% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on DVN shares. Barclays started coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price on the stock. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. UBS Group raised their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy Trading Down 0.3 %

NYSE DVN opened at $45.65 on Wednesday. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a 50-day simple moving average of $49.86 and a 200-day simple moving average of $46.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $28.85 billion, a PE ratio of 8.71, a price-to-earnings-growth ratio of 1.21 and a beta of 2.08.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.46 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.93%. Devon Energy’s dividend payout ratio is presently 16.79%.

Devon Energy Company Profile

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.