SIR Capital Management L.P. Trims Holdings in Devon Energy Corporation $DVN

Key Points

• SIR Capital Management cut its Devon Energy stake by 65.4% in the fourth quarter, selling 954,007 shares and leaving it with 505,745 shares valued at about $18.5 million.
• Devon Energy reported quarterly EPS of $1.04, missing analyst expectations, and revenue of $3.81 billion, which was also below estimates and down 14.5% year over year.
• The company boosted its quarterly dividend to $0.32 per share from $0.24, implying an annualized yield of 2.8%, while analysts currently rate the stock a moderate buy with an average price target of $58.67.

SIR Capital Management L.P. trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 65.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 505,745 shares of the energy company's stock after selling 954,007 shares during the period. Devon Energy comprises about 2.0% of SIR Capital Management L.P.'s investment portfolio, making the stock its 16th largest position. SIR Capital Management L.P. owned about 0.08% of Devon Energy worth $18,525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Korea Investment CORP lifted its holdings in shares of Devon Energy by 16.0% during the 4th quarter. Korea Investment CORP now owns 675,143 shares of the energy company's stock worth $24,730,000 after acquiring an additional 93,023 shares during the period. Wealthspire Advisors LLC lifted its holdings in shares of Devon Energy by 1,097.7% during the 4th quarter. Wealthspire Advisors LLC now owns 6,240 shares of the energy company's stock worth $229,000 after acquiring an additional 5,719 shares during the period. Summit Financial LLC lifted its holdings in shares of Devon Energy by 2.4% during the 4th quarter. Summit Financial LLC now owns 28,709 shares of the energy company's stock worth $1,052,000 after acquiring an additional 681 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Devon Energy by 1.9% during the 4th quarter. Quadrant Capital Group LLC now owns 28,064 shares of the energy company's stock worth $1,028,000 after acquiring an additional 527 shares during the period. Finally, Gould Capital LLC lifted its holdings in shares of Devon Energy by 1.7% during the 4th quarter. Gould Capital LLC now owns 32,001 shares of the energy company's stock worth $1,172,000 after acquiring an additional 543 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Up 1.5%

NYSE DVN opened at $45.26 on Friday. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The company's 50 day moving average price is $47.04 and its 200 day moving average price is $43.09. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $28.13 billion, a price-to-earnings ratio of 12.61 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last posted 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 business had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 EPS. The company's quarterly revenue was down 14.5% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy's payout ratio is 26.74%.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of several recent analyst reports. Zacks Research lowered shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. BMO Capital Markets reiterated an "outperform" rating on shares of Devon Energy in a report on Wednesday. Susquehanna increased their price objective on shares of Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. UBS Group cut their price objective on shares of Devon Energy from $60.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group increased their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $58.67.

Devon Energy Company 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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