Devon Energy Co. (NYSE:DVN) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 12.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,055,868 shares of the energy company’s stock after selling 151,675 shares during the period. King Luther Capital Management Corp’s holdings in Devon Energy were worth $41,306,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy during the second quarter worth $34,000. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy during the third quarter worth $35,000. PSI Advisors LLC grew its stake in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $38.30 on Thursday. The firm’s fifty day simple moving average is $39.96 and its 200-day simple moving average is $44.11. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a market capitalization of $25.16 billion, a price-to-earnings ratio of 7.11, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Co. will post 4.81 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

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.