Morse Asset Management Inc Reduces Stock Holdings in Devon Energy Co. (NYSE:DVN)

Morse Asset Management Inc decreased its position in Devon Energy Co. (NYSE:DVN) by 57.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,015 shares of the energy company’s stock after selling 11,040 shares during the period. Morse Asset Management Inc’s holdings in Devon Energy were worth $402,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the first quarter valued at approximately $30,000. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth $28,000. Jones Financial Companies Lllp lifted its position in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. PFS Partners LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth $36,000. Finally, Salem Investment Counselors Inc. lifted its position in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 0.1 %

Shares of NYSE:DVN traded up $0.06 on Friday, reaching $46.34. 4,327,154 shares of the company traded hands, compared to its average volume of 5,853,101. The business’s 50-day simple moving average is $47.19 and its 200 day simple moving average is $47.15. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The stock has a market capitalization of $29.29 billion, a P/E ratio of 8.84, a price-to-earnings-growth ratio of 0.77 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm earned $1.46 earnings per share. As a group, equities analysts anticipate that Devon Energy Co. will post 5.4 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 paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.90%. Devon Energy’s payout ratio is presently 16.79%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on DVN shares. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Stifel Nicolaus upped their price target on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Wells Fargo & Company decreased their price target on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, July 8th. Finally, Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

Insider Buying and Selling

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

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.