Devon Energy Co. (NYSE:DVN) Shares Sold by Brookstone Capital Management

Brookstone Capital Management trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 16.7% during the first quarter, Holdings Channel reports. The firm owned 10,336 shares of the energy company’s stock after selling 2,076 shares during the quarter. Brookstone Capital Management’s holdings in Devon Energy were worth $519,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of DVN. Morgan Stanley grew its position in shares of 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 acquiring an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of 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 acquiring an additional 5,700,167 shares during the last quarter. Finally, Smead Capital Management Inc. grew its position in shares of Devon Energy by 16.7% during the fourth quarter. Smead Capital Management Inc. now owns 3,811,292 shares of the energy company’s stock worth $172,652,000 after acquiring an additional 546,433 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on DVN shares. Scotiabank increased 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 report on Thursday, April 11th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th. Susquehanna increased their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Mizuho increased their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy Price Performance

DVN stock opened at $47.40 on Monday. 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 one year low of $40.47 and a one year high of $55.09. The firm has a market capitalization of $29.96 billion, a PE ratio of 9.05, a P/E/G ratio of 1.25 and a beta of 2.08. The firm has a 50-day moving average of $48.73 and a two-hundred day moving average of $46.93.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, analysts forecast that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Devon Energy 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.