Parallel Advisors LLC Sells 5,072 Shares of Devon Energy Corporation $DVN

Parallel Advisors LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 27.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,333 shares of the energy company’s stock after selling 5,072 shares during the quarter. Parallel Advisors LLC’s holdings in Devon Energy were worth $424,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Two Sigma Investments LP purchased a new position in Devon Energy during the 4th quarter valued at approximately $256,000. Woodline Partners LP purchased a new position in Devon Energy during the 4th quarter valued at $1,906,000. Vise Technologies Inc. lifted its holdings in shares of Devon Energy by 56.8% in the 4th quarter. Vise Technologies Inc. now owns 11,806 shares of the energy company’s stock worth $386,000 after buying an additional 4,275 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Devon Energy in the 4th quarter worth $6,513,000. Finally, Michels Family Financial LLC bought a new position in shares of Devon Energy in the 4th quarter worth $360,000. Institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Barclays boosted their price target on Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. William Blair initiated coverage on Devon Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Jefferies Financial Group boosted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, July 14th. Finally, UBS Group boosted their price target on Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.04.

Devon Energy Trading Down 3.0%

DVN opened at $33.97 on Friday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company has a market cap of $21.56 billion, a P/E ratio of 7.62, a PEG ratio of 1.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The business’s 50-day simple moving average is $33.97 and its 200-day simple moving average is $33.13.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy’s payout ratio is presently 21.52%.

Devon Energy Company Profile

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.