Devon Energy Corporation $DVN Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,879,473 shares of the energy company’s stock after selling 139,665 shares during the quarter. Devon Energy accounts for approximately 0.9% of King Luther Capital Management Corp’s holdings, making the stock its 25th biggest position. King Luther Capital Management Corp owned about 0.44% of Devon Energy worth $224,651,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its stake in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares during the period. BlackRock Inc. grew its position in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp grew its position in Devon Energy by 89.8% during the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after buying an additional 34,615,088 shares during the period. Bank of America Corp DE bought a new stake in Devon Energy during the second quarter valued at approximately $421,226,000. Finally, GQG Partners LLC purchased a new stake in Devon Energy during the second quarter valued at approximately $402,558,000. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Clay M. Gaspar acquired 3,913 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the transaction, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 3.6%

Shares of NYSE:DVN opened at $44.95 on Thursday. The stock has a 50 day moving average of $48.36 and a 200 day moving average of $46.12. The company has a market cap of $51.24 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.43. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. Devon Energy Corporation has a 12-month low of $34.23 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last released its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The company had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 66.5% compared to the same quarter last year. As a group, equities research analysts expect that Devon Energy Corporation will post 5.57 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, December 15th. Devon Energy’s dividend payout ratio is presently 32.00%.

Wall Street Analyst Weigh In

DVN has been the topic of several recent research reports. UBS Group decreased their price target on shares of Devon Energy from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Citigroup boosted their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Wells Fargo & Company reduced their price objective on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a research note on Monday, September 28th. Finally, Morgan Stanley reduced their price objective on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a research note on Monday. Two 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.49.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.