Devon Energy Corporation $DVN Stake Lowered by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 27.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,135,146 shares of the energy company’s stock after selling 438,991 shares during the quarter. Devon Energy comprises approximately 2.6% of HITE Hedge Asset Management LLC’s holdings, making the stock its 12th largest position. HITE Hedge Asset Management LLC owned 0.18% of Devon Energy worth $42,454,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after purchasing an additional 1,315,050 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after buying an additional 3,114,656 shares in the last quarter. Northern Trust Corp grew its position in Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after buying an additional 316,460 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock valued at $176,036,000 after buying an additional 354,633 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Siebert Williams Shank boosted their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Morgan Stanley reiterated an “overweight” rating and issued a $49.00 target price (up from $46.00) on shares of Devon Energy in a report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Bernstein Bank reduced their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 7th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.04.

Insider Transactions at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.70 on Monday. The company has a market cap of $21.39 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 1.92 and a beta of 1.07. The business has a 50 day moving average price of $33.25 and a 200 day moving average price of $33.13. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. Devon Energy’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 earnings per share. Research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

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.