Northwestern Mutual Wealth Management Co. Decreases Position in Devon Energy Corporation $DVN

Key Points

• Northwestern Mutual Wealth Management Co. reduced its stake in Devon Energy Corporation by 75.0%, owning 49,642 shares worth approximately $1.86 million at the end of the first quarter.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts’ expectations of $0.83, with a revenue of $4.28 billion, marking a year-over-year increase of 9.4%.
• The company declared a quarterly dividend of $0.24 per share, equating to an annualized yield of 2.7% and a payout ratio of 21.52%.

Northwestern Mutual Wealth Management Co. decreased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 75.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,642 shares of the energy company's stock after selling 148,550 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Devon Energy were worth $1,857,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. grew its position in Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after acquiring an additional 1,315,050 shares in the last quarter. Northern Trust Corp grew its position in Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock worth $245,987,000 after acquiring an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. grew its position in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after acquiring an additional 354,633 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley lifted their price target on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, BMO Capital Markets upped their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.71% of the company's stock.

Devon Energy Price Performance

Shares of DVN stock traded up $0.22 during mid-day trading on Thursday, hitting $35.30. 1,149,870 shares of the stock were exchanged, compared to its average volume of 8,813,355. The firm has a fifty day moving average of $33.59 and a 200 day moving average of $33.23. 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 Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The company has a market cap of $22.41 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (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 business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the company posted $1.41 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

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

About Devon Energy

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.