Meyer Handelman Co. Sells 900 Shares of Devon Energy Co. (NYSE:DVN)

Meyer Handelman Co. decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,031 shares of the energy company’s stock after selling 900 shares during the period. Meyer Handelman Co.’s holdings in Devon Energy were worth $3,765,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth $28,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC boosted its holdings in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. Jones Financial Companies Lllp increased its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares in the last quarter. Finally, PFS Partners LLC bought a new stake in Devon Energy during the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy 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 completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent analyst reports. Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Truist Financial cut their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Morgan Stanley lifted 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 investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy Trading Down 0.4 %

DVN opened at $45.82 on Friday. The stock has a 50-day moving average of $49.21 and a 200 day moving average of $46.79. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market cap of $28.96 billion, a P/E ratio of 8.74, a P/E/G ratio of 1.22 and a beta of 2.08.

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

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.