Pacer Advisors Inc. Trims Stock Position in Devon Energy Corporation $DVN

Pacer Advisors Inc. cut its holdings in Devon Energy Corporation (NYSE:DVN) by 16.6% during the 1st quarter, Holdings Channel reports. The firm owned 5,323,894 shares of the energy company’s stock after selling 1,063,027 shares during the period. Pacer Advisors Inc.’s holdings in Devon Energy were worth $267,898,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter valued at $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy during the 4th quarter valued at $29,000. Elyxium Wealth LLC acquired a new stake in Devon Energy during the 4th quarter valued at $31,000. Finally, DV Equities LLC purchased a new position in Devon Energy during the fourth quarter worth $32,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $45.08 on Monday. The business’s 50-day moving average price is $43.64 and its 200 day moving average price is $44.69. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a market capitalization of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm earned $0.82 EPS. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, research analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s payout ratio is presently 35.65%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Susquehanna boosted their price target on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Jefferies Financial Group lifted their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. The Goldman Sachs Group cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Roth Capital reaffirmed a “buy” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.56.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.