Chevy Chase Trust Holdings LLC Sells 5,361 Shares of Devon Energy Corporation $DVN

Chevy Chase Trust Holdings LLC cut its holdings in Devon Energy Corporation (NYSE:DVN) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 339,355 shares of the energy company’s stock after selling 5,361 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Devon Energy were worth $10,795,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. SVB Wealth LLC lifted its stake in Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Devon Energy by 0.4% in the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock valued at $2,776,000 after acquiring an additional 321 shares during the period. MAS Advisors LLC increased its position in shares of Devon Energy by 4.3% in the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock valued at $253,000 after acquiring an additional 327 shares during the period. Whittier Trust Co. increased its position in shares of Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock valued at $72,000 after acquiring an additional 377 shares during the period. Finally, Callan Family Office LLC increased its position in shares of Devon Energy by 3.7% in the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock valued at $396,000 after acquiring an additional 377 shares during the period. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.73% of the stock is owned by insiders.

Devon Energy Price Performance

Shares of NYSE DVN opened at $31.73 on Monday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $41.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company’s 50-day moving average is $34.52 and its 200 day moving average is $32.90. The stock has a market capitalization of $20.14 billion, a P/E ratio of 7.12, a P/E/G ratio of 1.87 and a beta of 1.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. Devon Energy’s quarterly revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy’s payout ratio is presently 21.52%.

Analyst Ratings Changes

A number of equities analysts have issued reports on DVN shares. Barclays decreased their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Wolfe Research boosted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, June 23rd. Bernstein Bank decreased their price objective on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research report on Monday, July 14th. Finally, BMO Capital Markets boosted their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.14.

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.