Independence Bank of Kentucky Reduces Stake in Devon Energy Co. (NYSE:DVN)

Independence Bank of Kentucky lowered its stake in Devon Energy Co. (NYSE:DVN) by 26.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,390 shares of the energy company’s stock after selling 1,565 shares during the period. Independence Bank of Kentucky’s holdings in Devon Energy were worth $220,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its stake in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. Morgan Stanley lifted its stake in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Devon Energy by 61.0% during the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by insiders.

Devon Energy Stock Performance

Shares of DVN traded up $0.39 during trading hours on Friday, reaching $47.40. 7,931,385 shares of the company traded hands, compared to its average volume of 6,491,859. The stock has a market capitalization of $29.96 billion, a P/E ratio of 9.05, a P/E/G ratio of 1.24 and a beta of 2.08. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The business has a fifty day moving average price of $48.73 and a 200-day moving average price of $46.89.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.86%. Devon Energy’s dividend payout ratio is presently 16.79%.

Analysts Set New Price Targets

DVN has been the subject of several research analyst reports. Royal Bank of Canada lifted their price target on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Scotiabank lifted their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Mizuho lifted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Finally, Barclays assumed coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy 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.