Devon Energy Corporation $DVN Stock: CWA Asset Management Group LLC Trims Holdings

Key Points

• CWA Asset Management Group cut its Devon Energy stake by 87.2% in the third quarter, selling 84,829 shares and retaining 12,492 shares valued at approximately $575,000. Institutional investors collectively own 69.72% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $60.72, above the stock’s reported price of $49.16.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also maintains a quarterly dividend of $0.32 per share, equivalent to a 2.6% yield.

CWA Asset Management Group LLC decreased its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 87.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,492 shares of the energy company's stock after selling 84,829 shares during the period. CWA Asset Management Group LLC's holdings in Devon Energy were worth $575,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Foundation Resource Management Inc. grew its stake in shares of Devon Energy by 4.0% in the third quarter. Foundation Resource Management Inc. now owns 158,238 shares of the energy company's stock valued at $7,285,000 after buying an additional 6,159 shares in the last quarter. Abel Hall LLC acquired a new position in Devon Energy during the third quarter worth $214,000. Kaufman Rossin Wealth LLC raised its position in Devon Energy by 9.4% during the third quarter. Kaufman Rossin Wealth LLC now owns 9,272 shares of the energy company's stock worth $427,000 after acquiring an additional 799 shares in the last quarter. Brown Lisle Cummings Inc. raised its position in Devon Energy by 14.0% during the third quarter. Brown Lisle Cummings Inc. now owns 6,871 shares of the energy company's stock worth $316,000 after acquiring an additional 842 shares in the last quarter. Finally, Delta Capital Management LLC bought a new stake in Devon Energy during the third quarter worth $206,000. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Devon Energy in a report on Thursday, September 10th. They issued a "buy" rating and a $61.00 target price on the stock. Wall Street Zen upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a research note on Saturday, October 3rd. BMO Capital Markets reiterated an "outperform" rating and set a $67.00 price target on shares of Devon Energy in a report on Tuesday, October 6th. Argus reiterated a "buy" rating and set a $45.85 price target on shares of Devon Energy in a report on Monday, August 17th. Finally, JPMorgan Chase & Co. boosted their price target on Devon Energy from $60.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.72.

Devon Energy Price Performance

Devon Energy stock opened at $49.16 on Friday. The stock's fifty day moving average price is $48.47 and its two-hundred day moving average price is $46.30. Devon Energy Corporation has a one year low of $31.65 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a market cap of $54.08 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.32 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The firm had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. During the same period in the previous year, the firm earned $0.84 EPS. The company's quarterly revenue was up 73.1% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Corporation will post 5.39 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy's dividend payout ratio is currently 30.40%.

Insider Transactions at Devon Energy

In other news, CEO Clay Gaspar acquired 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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