Parsons Capital Management Inc. RI Has $821,000 Position in Devon Energy Corporation $DVN

Key Points

• Parsons Capital Management Inc. has reduced its stake in Devon Energy by 27.9%, now holding 25,824 shares valued at approximately $821,000.
• Analysts have recently set new price targets for Devon Energy, with Jefferies Financial Group raising their target from $31.00 to $33.00, indicating varying sentiments among analysts with a consensus rating of "Moderate Buy."
• Devon Energy's recent quarterly earnings report showed earnings per share of $0.84, surpassing expectations, while the company also announced a quarterly dividend of $0.24 per share.

Parsons Capital Management Inc. RI cut its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 27.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,824 shares of the energy company's stock after selling 10,000 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Devon Energy were worth $821,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of DVN. Ameriprise Financial Inc. lifted its position in Devon Energy by 81.1% during 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 during the last quarter. Vanguard Group Inc. increased its stake 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 worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Nuveen LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $69,975,000. AQR Capital Management LLC grew its holdings in Devon Energy by 100.0% in the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock valued at $132,051,000 after buying an additional 1,779,382 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Devon Energy by 530.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock worth $77,323,000 after buying an additional 1,739,436 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on DVN shares. Jefferies Financial Group upped their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Siebert Williams Shank raised their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Tudor, Pickering, Holt & Co. increased their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, William Blair assumed coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Sixteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.81.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.71% of the stock is owned by insiders.

Devon Energy Stock Down 2.8%

Shares of NYSE:DVN opened at $34.33 on Friday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The company has a market capitalization of $21.79 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a fifty day moving average of $34.41 and a 200-day moving average of $33.18.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the company posted $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Devon Energy 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.

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