Y Intercept Hong Kong Ltd Cuts Holdings in Devon Energy Corporation $DVN

Key Points

• Y Intercept Hong Kong Ltd sharply reduced its Devon Energy stake in the first quarter, cutting holdings by 95.9% and selling 180,066 shares. The fund ended with 7,687 shares worth about $387,000.
• Devon Energy reported mixed quarterly results, with EPS of $1.04 coming in slightly below estimates and revenue of $3.81 billion missing expectations. Revenue also declined 14.5% year over year.
• The company raised its quarterly dividend to $0.32 per share, or $1.28 annualized, for a yield of 2.9%. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $59.56.

Y Intercept Hong Kong Ltd lowered its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 95.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,687 shares of the energy company's stock after selling 180,066 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Devon Energy were worth $387,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in DVN. Elevation Point Wealth Partners LLC acquired a new stake in Devon Energy during the first quarter worth about $235,000. DSG Capital Advisors LLC lifted its stake in shares of Devon Energy by 32.5% in the 1st quarter. DSG Capital Advisors LLC now owns 41,176 shares of the energy company's stock valued at $2,072,000 after purchasing an additional 10,093 shares in the last quarter. Root Financial Partners LLC lifted its stake in shares of Devon Energy by 33.2% in the 1st quarter. Root Financial Partners LLC now owns 1,219 shares of the energy company's stock valued at $61,000 after purchasing an additional 304 shares in the last quarter. LB Partners LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth about $503,000. Finally, IFM Investors Pty Ltd grew its holdings in shares of Devon Energy by 10.2% during the 1st quarter. IFM Investors Pty Ltd now owns 161,953 shares of the energy company's stock worth $8,149,000 after purchasing an additional 14,924 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Activity

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 over the last 90 days. Company insiders own 4.58% of the company's stock.

Devon Energy Price Performance

DVN stock opened at $43.43 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The firm has a market cap of $26.98 billion, a P/E ratio of 12.10 and a beta of 0.38. The stock has a 50-day simple moving average of $44.53 and a 200-day simple moving average of $43.97.

Devon Energy (NYSE:DVN - Get Free Report) last announced its 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). The company had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business's quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.82 earnings per share. On average, equities analysts predict that Devon Energy Corporation will post 4.72 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy's dividend payout ratio is 35.65%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on DVN shares. Royal Bank Of Canada increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Devon Energy in a research report on Thursday, June 11th. Sanford C. Bernstein boosted their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Raymond James Financial dropped their price objective on shares of Devon Energy from $72.00 to $66.00 and set a "strong-buy" rating for the company in a research report on Monday, June 15th. Finally, Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.56.

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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