Kingsview Wealth Management LLC Reduces Stake in Devon Energy Co. (NYSE:DVN)

Kingsview Wealth Management LLC reduced its position in Devon Energy Co. (NYSE:DVN – Get Rating) by 54.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,359 shares of the energy company’s stock after selling 26,387 shares during the period. Kingsview Wealth Management LLC’s holdings in Devon Energy were worth $1,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in Devon Energy during the first quarter valued at $26,000. SJS Investment Consulting Inc. purchased a new position in Devon Energy during the third quarter valued at $29,000. Financial Enhancement Group LLC purchased a new position in Devon Energy during the third quarter valued at $29,000. Optimum Investment Advisors purchased a new position in Devon Energy during the third quarter valued at $30,000. Finally, Absolute Capital Management LLC purchased a new position in Devon Energy during the third quarter valued at $35,000. 78.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, CEO Richard E. Muncrief acquired 10,000 shares of Devon Energy stock in a transaction that occurred on Friday, February 17th. The shares were acquired at an average price of $53.28 per share, with a total value of $532,800.00. Following the completion of the purchase, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Richard E. Muncrief purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was purchased at an average price of $53.28 per share, with a total value of $532,800.00. Following the completion of the transaction, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dennis C. Cameron sold 7,179 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the transaction, the executive vice president now directly owns 262,498 shares of the company’s stock, valued at approximately $14,377,015.46. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

Devon Energy Stock Up 0.3 %

Shares of NYSE DVN opened at $49.22 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.25 and a quick ratio of 1.19. The company has a market capitalization of $32.19 billion, a PE ratio of 5.50, a price-to-earnings-growth ratio of 0.14 and a beta of 2.33. The firm’s 50-day moving average is $59.50 and its two-hundred day moving average is $64.73. Devon Energy Co. has a 12-month low of $48.31 and a 12-month high of $79.40.

Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.09). The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.29 billion. Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 EPS. Equities analysts anticipate that Devon Energy Co. will post 7.04 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be paid a dividend of $0.89 per share. This is an increase from Devon Energy’s previous None dividend of $0.49. The ex-dividend date is Tuesday, March 14th. This represents a dividend yield of 9.3%. Devon Energy’s dividend payout ratio is presently 8.77%.

Analysts Set New Price Targets

DVN has been the topic of a number of recent analyst reports. Mizuho decreased their price target on Devon Energy from $82.00 to $71.00 in a report on Friday, March 10th. Morgan Stanley reduced their target price on Devon Energy from $67.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 24th. Susquehanna reduced their price objective on Devon Energy from $79.00 to $72.00 and set a “positive” rating on the stock in a research note on Thursday, February 16th. Barclays dropped their target price on Devon Energy from $86.00 to $82.00 and set an “equal weight” rating for the company in a research report on Monday, January 23rd. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Monday, February 20th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $73.21.

Devon Energy Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.