Devon Energy Corporation $DVN Shares Sold by Leonteq Securities AG

Key Points

• Leonteq Securities AG cut its Devon Energy stake sharply in the first quarter, selling 75.7% of its holdings and leaving it with 8,212 shares valued at about $413,000.
• Insiders have also been selling shares, including EVP Jeffrey L. Ritenour and SVP Adam M. Vela, with insiders selling 112,371 shares worth about $5.26 million over the last three months.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, while analysts currently maintain a consensus rating of “Moderate Buy” with a price target of $59.38.

Leonteq Securities AG trimmed its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 75.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,212 shares of the energy company's stock after selling 25,573 shares during the quarter. Leonteq Securities AG's holdings in Devon Energy were worth $413,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the fourth quarter worth about $25,000. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Ameriflex Group Inc. increased its stake in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after purchasing an additional 702 shares in the last quarter. Finally, Olistico Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business'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 value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company's 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 of the company's stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. Insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent research reports. Zacks Research lowered Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. initiated coverage on Devon Energy in a research report on Monday, June 8th. They set an "overweight" rating and a $62.00 price target for the company. Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.38.

Devon Energy Stock Performance

Devon Energy stock opened at $40.44 on Monday. The firm has a market capitalization of $25.13 billion, a P/E ratio of 11.26 and a beta of 0.38. The stock has a fifty day moving average price of $45.53 and a 200 day moving average price of $43.66. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71. 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 (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm's quarterly revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.82 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 4.85 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 given a $0.32 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy's dividend payout ratio is 35.65%.

Devon Energy Profile

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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.