Y Intercept Hong Kong Ltd Reduces Position in Devon Energy Corporation $DVN

Y Intercept Hong Kong Ltd decreased its holdings in Devon Energy Corporation (NYSE:DVN) by 95.9% during the 1st quarter, HoldingsChannel reports. 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 SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the 4th quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at approximately $29,000. Olistico Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at approximately $31,000. Finally, Elyxium Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DVN. Citigroup lifted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Jefferies Financial Group increased their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. UBS Group decreased their price objective on shares of Devon Energy from $60.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, June 10th. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Devon Energy Stock Down 0.7%

Shares of NYSE:DVN opened at $43.43 on Wednesday. The stock has a market capitalization of $26.98 billion, a price-to-earnings ratio of 12.10 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The company’s fifty day moving average is $44.53 and its two-hundred day moving average is $43.97. 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 (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the company earned $0.82 EPS. Devon Energy’s quarterly revenue was down 14.5% on a year-over-year basis. Equities analysts anticipate that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s payout ratio is presently 35.65%.

Insider Buying and Selling at Devon Energy

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

About Devon Energy

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.