Meeder Asset Management Inc. Sells 18,595 Shares of Devon Energy Corporation $DVN

Meeder Asset Management Inc. trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 59.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 12,901 shares of the energy company’s stock after selling 18,595 shares during the quarter. Meeder Asset Management Inc.’s holdings in Devon Energy were worth $533,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DVN. BlackRock Inc. increased its holdings in Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. State Street Corp raised its position in Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Devon Energy by 137.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock valued at $397,834,000 after acquiring an additional 5,573,172 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DVN. Weiss Ratings upgraded Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Morgan Stanley cut their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Argus reissued a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday. Capital One Financial lowered their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Finally, Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Devon Energy Stock Up 0.6%

Shares of DVN opened at $47.84 on Wednesday. The business’s 50 day moving average is $43.52 and its 200 day moving average is $45.30. The company has a market capitalization of $52.63 billion, a PE ratio of 11.36 and a beta of 0.38. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the company posted $0.84 EPS. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. Research analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction 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 directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.