US Bancorp DE Cuts Stock Holdings in Devon Energy Corp (NYSE:DVN)

US Bancorp DE lowered its stake in shares of Devon Energy Corp (NYSE:DVN) by 19.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,846 shares of the energy company’s stock after selling 9,592 shares during the quarter. US Bancorp DE’s holdings in Devon Energy were worth $1,257,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Devon Energy in the 4th quarter valued at $109,799,000. American Century Companies Inc. lifted its stake in shares of Devon Energy by 31.0% in the 4th quarter. American Century Companies Inc. now owns 6,641,322 shares of the energy company’s stock valued at $149,695,000 after acquiring an additional 1,571,861 shares during the last quarter. Morgan Stanley raised its position in Devon Energy by 105.9% during the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock worth $100,722,000 after purchasing an additional 1,296,801 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Devon Energy by 2,129.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock worth $57,000 after purchasing an additional 1,217,716 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Devon Energy during the 4th quarter worth $22,574,000. 84.06% of the stock is currently owned by institutional investors and hedge funds.

In related news, CAO Jeremy D. Humphers sold 4,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total value of $101,600.00. Following the sale, the chief accounting officer now owns 81,914 shares of the company’s stock, valued at approximately $2,080,615.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.63% of the company’s stock.

Several research analysts recently issued reports on the company. Seaport Global Securities reaffirmed a “buy” rating on shares of Devon Energy in a research report on Friday, June 21st. Wells Fargo & Co assumed coverage on Devon Energy in a research report on Monday, May 20th. They set an “outperform” rating and a $40.00 target price for the company. Zacks Investment Research lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Morgan Stanley set a $32.00 price objective on Devon Energy and gave the stock a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $44.30.

Shares of Devon Energy stock traded up $0.22 during mid-day trading on Friday, hitting $28.52. 7,905,203 shares of the stock were exchanged, compared to its average volume of 7,246,722. Devon Energy Corp has a 12 month low of $20.37 and a 12 month high of $46.54. The firm’s 50-day moving average is $27.72. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $11.75 billion, a P/E ratio of 22.11, a P/E/G ratio of 2.20 and a beta of 2.28.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, April 30th. The energy company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. During the same quarter last year, the firm earned $0.20 EPS. On average, research analysts predict that Devon Energy Corp will post 1.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.26%. Devon Energy’s dividend payout ratio (DPR) is presently 27.91%.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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