Guinness Atkinson Asset Management Inc Sells 4,000 Shares of Devon Energy Corp (NYSE:DVN)

Guinness Atkinson Asset Management Inc lessened its holdings in Devon Energy Corp (NYSE:DVN) by 15.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,300 shares of the energy company’s stock after selling 4,000 shares during the period. Guinness Atkinson Asset Management Inc’s holdings in Devon Energy were worth $636,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in DVN. Sumitomo Life Insurance Co. lifted its stake in Devon Energy by 3.3% in the second quarter. Sumitomo Life Insurance Co. now owns 44,865 shares of the energy company’s stock valued at $1,280,000 after buying an additional 1,417 shares during the period. Doliver Advisors LP lifted its stake in Devon Energy by 7.8% in the second quarter. Doliver Advisors LP now owns 9,422 shares of the energy company’s stock valued at $269,000 after buying an additional 684 shares during the period. Strs Ohio lifted its stake in Devon Energy by 512.1% in the second quarter. Strs Ohio now owns 42,064 shares of the energy company’s stock valued at $1,199,000 after buying an additional 35,192 shares during the period. Arizona State Retirement System lifted its stake in Devon Energy by 117.7% in the second quarter. Arizona State Retirement System now owns 183,210 shares of the energy company’s stock valued at $5,225,000 after buying an additional 99,049 shares during the period. Finally, First Quadrant L P CA acquired a new position in Devon Energy in the second quarter valued at approximately $1,212,000. Hedge funds and other institutional investors own 84.05% of the company’s stock.

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

DVN has been the topic of several recent analyst reports. Royal Bank of Canada set a $42.00 price target on Devon Energy and gave the company a “hold” rating in a research note on Thursday, May 2nd. ValuEngine raised Devon Energy from a “strong sell” rating to a “sell” rating in a research note on Friday. SunTrust Banks initiated coverage on Devon Energy in a research note on Tuesday, July 30th. They issued a “buy” rating and a $33.00 price target on the stock. Piper Jaffray Companies set a $39.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Zacks Investment Research raised Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Devon Energy presently has an average rating of “Hold” and an average price target of $41.28.

Shares of NYSE:DVN traded down $0.25 during trading on Tuesday, reaching $23.81. 520,221 shares of the stock were exchanged, compared to its average volume of 6,117,620. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.37 and a current ratio of 1.37. Devon Energy Corp has a 1-year low of $20.37 and a 1-year high of $44.34. The stock has a fifty day moving average price of $27.16. The stock has a market capitalization of $10.39 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 2.43 and a beta of 2.27.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, September 12th. Devon Energy’s payout ratio is 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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