Intech Investment Management LLC Sells 7,100 Shares of Devon Energy Co. (NYSE:DVN)

Intech Investment Management LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 31.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,298 shares of the energy company’s stock after selling 7,100 shares during the quarter. Intech Investment Management LLC’s holdings in Devon Energy were worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the 2nd quarter worth approximately $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy in the 3rd quarter worth about $35,000. PSI Advisors LLC lifted its stake in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at about $39,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 0.3 %

NYSE DVN opened at $37.95 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12 month low of $37.28 and a 12 month high of $55.09. The stock has a market cap of $24.93 billion, a PE ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. The company’s 50-day moving average price is $39.68 and its 200-day moving average price is $43.56.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DVN. Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Raymond James reduced their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Morgan Stanley cut their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Mizuho decreased their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $51.15.

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.