MassMutual Private Wealth & Trust FSB Trims Stock Holdings in Devon Energy Corporation $DVN

MassMutual Private Wealth & Trust FSB reduced its stake in Devon Energy Corporation (NYSE:DVN) by 20.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,907 shares of the energy company’s stock after selling 1,782 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Devon Energy were worth $220,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DVN. SVB Wealth LLC raised its holdings in shares of Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the period. Whittier Trust Co. lifted its holdings in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after purchasing an additional 377 shares during the last quarter. Callan Family Office LLC lifted its holdings in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after purchasing an additional 377 shares during the last quarter. Hager Investment Management Services LLC raised its stake in Devon Energy by 9.9% during the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock valued at $158,000 after acquiring an additional 380 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in shares of Devon Energy by 0.4% during the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock valued at $3,449,000 after purchasing an additional 386 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.1%

Devon Energy stock opened at $35.01 on Friday. The firm has a 50-day moving average of $33.97 and a 200-day moving average of $33.13. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a market cap of $22.22 billion, a price-to-earnings ratio of 7.85, a P/E/G ratio of 2.05 and a beta of 1.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the business posted $1.41 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 21.52%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Bernstein Bank decreased their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Monday, July 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Barclays boosted their price target on Devon Energy from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. Wells Fargo & Company upped their price objective on Devon Energy from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, August 12th. Finally, William Blair started coverage on Devon Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $44.04.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company’s stock.

About Devon Energy

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.