Devon Energy Corporation $DVN Stock Position Lowered by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. has reduced its stake in Devon Energy Corporation by 3.4%, now holding approximately 0.18% of the company worth $42 million.
• Despite the reduction by some investors, other institutional investors such as Whittier Trust Co. and Sierra Ocean LLC have increased their stakes in Devon Energy by 24.3% and 29.4%, respectively, during the first quarter.
• Devon Energy has reported a quarterly EPS of $0.84, exceeding estimates, and announced a quarterly dividend of $0.24, translating to an annual yield of 2.7%.

Price T Rowe Associates Inc. MD lessened its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,124,856 shares of the energy company's stock after selling 39,498 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.18% of Devon Energy worth $42,071,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Whittier Trust Co. lifted its position in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after acquiring an additional 377 shares in the last quarter. Callan Family Office LLC lifted its position in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after acquiring an additional 377 shares in the last quarter. Hager Investment Management Services LLC lifted its position in shares of Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after acquiring an additional 380 shares in the last quarter. Private Advisor Group LLC lifted its position in Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after buying an additional 386 shares in the last quarter. Finally, Sierra Ocean LLC lifted its position in Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after buying an additional 388 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.71% of the company's stock.

Devon Energy Stock Performance

Shares of DVN opened at $35.52 on Thursday. The company's fifty day moving average is $33.31 and its 200-day moving average is $33.18. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $45.34. The firm has a market cap of $22.55 billion, a price-to-earnings ratio of 7.96, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. 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 (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business posted $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Barclays increased their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Siebert Williams Shank increased their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, UBS Group increased their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.