Nordea Investment Management AB Sells 16,538 Shares of Devon Energy Corporation $DVN

Nordea Investment Management AB reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 27.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 43,723 shares of the energy company’s stock after selling 16,538 shares during the quarter. Nordea Investment Management AB’s holdings in Devon Energy were worth $1,399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Ameriprise Financial Inc. boosted its position in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after acquiring an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the last quarter. Nuveen LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $69,975,000. AQR Capital Management LLC boosted its position in shares of Devon Energy by 100.0% during the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock valued at $132,051,000 after acquiring an additional 1,779,382 shares during the last quarter. Finally, Encompass Capital Advisors LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $63,561,000. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. Royal Bank Of Canada set a $42.00 target price on Devon Energy and gave the company a “sector perform” rating in a research report on Friday, October 10th. Scotiabank restated an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. UBS Group raised 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. William Blair assumed coverage on Devon Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Finally, Tudor, Pickering, Holt & Co. raised their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.14.

Devon Energy Stock Up 3.2%

NYSE:DVN opened at $33.44 on Friday. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $40.54. The company has a market cap of $21.23 billion, a price-to-earnings ratio of 7.50, a price-to-earnings-growth ratio of 2.51 and a beta of 1.03. The stock has a fifty day simple moving average of $34.45 and a 200-day simple moving average of $32.95. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping 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 business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the company earned $1.41 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 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.