Glenmede Trust Co. NA Has $7.05 Million Stock Position in Devon Energy Corporation $DVN

Glenmede Trust Co. NA boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 75.7% during the first quarter, Holdings Channel reports. The fund owned 140,155 shares of the energy company’s stock after acquiring an additional 60,390 shares during the period. Glenmede Trust Co. NA’s holdings in Devon Energy were worth $7,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter worth about $25,000. MV Capital Management Inc. acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Elyxium Wealth LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $31,000. Finally, DV Equities LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 1.2%

Shares of NYSE:DVN opened at $44.59 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The stock has a market cap of $27.71 billion, a price-to-earnings ratio of 12.42 and a beta of 0.38. The company has a 50 day moving average of $43.58 and a 200-day moving average of $44.75. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.

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 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 analyst estimates of $4.34 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. The company’s quarterly revenue was down 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

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

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Citigroup boosted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Royal Bank Of Canada increased their price objective on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Scotiabank lifted their target price 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. Jefferies Financial Group boosted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Finally, JPMorgan Chase & Co. dropped their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.