Palisade Asset Management LLC cut its holdings in shares of Devon Energy Corp (NYSE:DVN) by 23.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the energy company’s stock after selling 3,000 shares during the quarter. Palisade Asset Management LLC’s holdings in Devon Energy were worth $285,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in DVN. Meeder Asset Management Inc. lifted its holdings in Devon Energy by 94.6% during the 1st quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock worth $26,000 after buying an additional 400 shares in the last quarter. Lavaca Capital LLC lifted its holdings in Devon Energy by 566.0% during the 1st quarter. Lavaca Capital LLC now owns 1,332 shares of the energy company’s stock worth $42,000 after buying an additional 1,132 shares in the last quarter. Westside Investment Management Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $45,000. Signaturefd LLC lifted its holdings in Devon Energy by 46.0% during the 1st quarter. Signaturefd LLC now owns 2,569 shares of the energy company’s stock worth $81,000 after buying an additional 809 shares in the last quarter. Finally, Mizuho Securities Co. Ltd. raised its holdings in shares of Devon Energy by 100.0% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 3,000 shares of the energy company’s stock valued at $95,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors own 84.05% of the company’s stock.
In related news, CAO Jeremy D. Humphers sold 4,000 shares of Devon Energy stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total transaction of $101,600.00. Following the sale, the chief accounting officer now directly owns 81,914 shares in the company, valued at approximately $2,080,615.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.63% of the stock is owned by company insiders.
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 paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 annualized dividend and a yield of 1.49%. Devon Energy’s dividend payout ratio is currently 27.91%.
A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada set a $42.00 price objective on shares of Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. Goldman Sachs Group restated a “sell” rating and issued a $25.50 price objective on shares of Devon Energy in a report on Tuesday, July 23rd. Morgan Stanley reduced their price objective on shares of Devon Energy from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Piper Jaffray Companies set a $39.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Wells Fargo & Co assumed coverage on shares of Devon Energy in a report on Monday, May 20th. They issued an “outperform” rating and a $40.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. Devon Energy currently has a consensus rating of “Hold” and a consensus price target of $41.28.
Devon Energy Company Profile
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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