Sciencast Management LP Sells 7,500 Shares of Devon Energy Co. (NYSE:DVN)

Sciencast Management LP trimmed its stake in Devon Energy Co. (NYSE:DVN) by 21.7% during the first quarter, HoldingsChannel.com reports. The fund owned 26,993 shares of the energy company’s stock after selling 7,500 shares during the quarter. Sciencast Management LP’s holdings in Devon Energy were worth $1,355,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Salem Investment Counselors Inc. increased its position in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC raised its position in shares of Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC lifted its stake in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the period. Finally, Magnolia Capital Advisors LLC lifted its stake in Devon Energy by 1.0% in the first quarter. Magnolia Capital Advisors LLC now owns 23,316 shares of the energy company’s stock valued at $1,208,000 after buying an additional 230 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price on the stock. Mizuho raised their price target on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Morgan Stanley raised their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday. UBS Group increased their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. increased their price objective on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Devon Energy Stock Up 0.2 %

DVN stock traded up $0.07 during mid-day trading on Friday, reaching $46.50. The company had a trading volume of 4,952,612 shares, compared to its average volume of 7,281,376. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50 day simple moving average of $47.78 and a two-hundred day simple moving average of $47.02. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 1.19 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue was down 5.9% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Co. will post 5.35 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.89%. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.