Newbridge Financial Services Group Inc. Lowers Position in Devon Energy Co. (NYSE:DVN)

Newbridge Financial Services Group Inc. trimmed its holdings in shares of Devon Energy Co. (NYSE:DVNFree Report) by 14.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,892 shares of the energy company’s stock after selling 2,768 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Devon Energy were worth $720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of DVN. Nordea Investment Management AB boosted its stake in Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares in the last quarter. Pearl River Capital LLC increased its position in Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Devon Energy by 15.0% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 5,355,552 shares of the energy company’s stock worth $255,460,000 after acquiring an additional 697,849 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Devon Energy by 39.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after acquiring an additional 55,459 shares during the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $791,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.3 %

Devon Energy stock traded up $0.61 during trading on Tuesday, reaching $46.37. 561,795 shares of the company were exchanged, compared to its average volume of 7,346,045. 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’s 50 day simple moving average is $49.86 and its two-hundred day simple moving average is $46.77. The company has a market capitalization of $29.31 billion, a P/E ratio of 8.73 and a beta of 2.08. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVNGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 5.18 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several recent research reports. Morgan Stanley upped their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Bank of America reiterated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday. Barclays began coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target on the stock. Royal Bank of Canada increased their target price on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Finally, Mizuho lifted their price target on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.24.

Check Out Our Latest Stock Report on Devon Energy

Devon Energy Company Profile

(Free Report)

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.

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

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