Devon Energy Corporation $DVN Stock: M Holdings Securities Inc. Lowers Holdings

M Holdings Securities Inc. lowered its stake in shares of Devon Energy Corporation (NYSE:DVN) by 56.2% during the third quarter, HoldingsChannel reports. The fund owned 10,075 shares of the energy company’s stock after selling 12,951 shares during the quarter. M Holdings Securities Inc.’s holdings in Devon Energy were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Morningstar Investment Management LLC increased its stake in Devon Energy by 51.1% during the first quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company’s stock valued at $4,335,000 after acquiring an additional 29,124 shares during the period. Artemis Investment Management LLP lifted its position in shares of Devon Energy by 103.8% in the 3rd quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company’s stock worth $67,459,000 after acquiring an additional 746,360 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $33,504,000. Illinois Municipal Retirement Fund grew its holdings in shares of Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its holdings in shares of Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after purchasing an additional 80,000 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent research reports. BMO Capital Markets restated an “outperform” rating and issued a $67.00 target price on shares of Devon Energy in a research note on Tuesday, October 6th. Citigroup lifted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Seaport Research Partners started coverage on shares of Devon Energy in a report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Raymond James Financial boosted their price target on shares of Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a report on Monday, September 14th. Finally, Barclays dropped their price objective on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $60.49.

Insider Activity

In other news, CEO Clay Gaspar bought 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. This trade represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Price Performance

Shares of DVN stock opened at $44.95 on Thursday. The stock’s fifty day simple moving average is $48.36 and its 200 day simple moving average is $46.12. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The firm has a market cap of $51.24 billion, a price-to-earnings ratio of 11.24, a P/E/G ratio of 1.11 and a beta of 0.43. Devon Energy Corporation has a one year low of $34.23 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The firm had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the company posted $1.04 earnings per share. The business’s revenue for the quarter was up 66.5% compared to the same quarter last year. On average, analysts expect that Devon Energy Corporation will post 5.57 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, December 15th. Devon Energy’s payout ratio is currently 32.00%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.