SG Americas Securities LLC Reduces Stock Position in Devon Energy Corporation $DVN

Key Points

• SG Americas Securities LLC reduced its Devon Energy stake by 6.6% in the first quarter, selling 81,413 shares and ending with 1,154,888 shares valued at about $58.1 million.
• Devon Energy reported mixed quarterly results, with EPS of $1.04 missing estimates and revenue of $3.81 billion coming in below expectations, while analysts still forecast full-year EPS of 4.97.
• The company raised its quarterly dividend to $0.32 per share, implying a 3.0% yield, and Wall Street maintains a Moderate Buy consensus with an average price target of $58.52.

SG Americas Securities LLC cut its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 6.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,154,888 shares of the energy company's stock after selling 81,413 shares during the period. SG Americas Securities LLC owned approximately 0.19% of Devon Energy worth $58,114,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. increased its holdings in Devon Energy by 2,108.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. lifted its stake in Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC boosted its holdings in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Devon Energy by 608.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company's stock worth $98,721,000 after acquiring an additional 2,314,843 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN opened at $43.03 on Tuesday. The firm has a fifty day moving average price of $46.28 and a 200 day moving average price of $43.39. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The stock has a market cap of $26.74 billion, a P/E ratio of 11.99 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The firm's quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Corporation will post 4.97 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio is currently 35.65%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research reports. Capital One Financial decreased their target price on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Argus increased their price target on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Scotiabank lifted their price objective on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Mizuho lifted their price objective on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.52.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last ninety days. Company insiders own 4.58% of the company's stock.

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.

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